XRP Price Prediction: Ripple Price Bounce at $3 Support Gains Traction as Kraken Moves 82 Million XRP to Mysterious Wallet

XRP is back in the spotlight as it tests a crucial $3 support level, with a $246 million transfer by Kraken stirring speculation across the crypto community.

As XRP hovers just above the $2.95 mark, analysts and traders are watching closely for signs of a decisive rebound. The timing of a massive 82 million XRP transfer by Kraken—initially flagged as a whale move—adds to the intrigue, raising questions about institutional positioning and market sentiment ahead of a potential breakout.

XRP Holds the Line at Key $3 Support

After a strong rally throughout July that saw the XRP price soar to highs between $3.50 and $3.60, the market has since cooled, retreating back toward the $2.90–$3.00 zone. This area now acts as a decisive support level, one that could determine whether XRP rebounds or faces deeper losses.

XRP was trading at around $3.05, down 1.14% in the last 24 hours at press time. Source: XRP Liquid Index (XRPLX) via Brave New Coin

Currently trading near $3, XRP is holding just above this pivotal range. According to analysts, a confirmed bounce here could open the door for a move back toward $3.30–$3.50, and potentially even retest the $4.00 mark if volume and sentiment cooperate.

Crypto trader AltcoinGordon commented on the setup, stating, “The $XRP bounce will be studied.” His remark captures the attention that the $3 zone is garnering, with traders watching closely for signs of a sustained recovery.

On-Chain Activity Shows Cautious Optimism

Despite price consolidation, on-chain metrics suggest a temporary slowdown in speculative activity. Data from Glassnode shows that active addresses fell from a peak of over 52,000 during the recent rally to around 39,000. Transfer volumes also declined, dipping from $3.6 billion to approximately $1.9 billion.

XRP’s active addresses briefly exceeded 50,000 but fell back to 39,000, signaling a short-term decline in speculative market momentum. Source: Glassnode

This drop in activity, especially when not accompanied by rising user engagement, often points to weakening momentum. However, XRP has historically delivered sharp comebacks when both address activity and transfer volume begin to pick up again, signaling renewed interest.

Kraken Shifts 82 Million XRP—What’s Behind the Move?

Adding intrigue to the current market conditions, Kraken transferred 82,277,388 XRP, worth over $246 million, to what was initially flagged as an “unknown wallet,” according to Whale Alert. The transaction occurred on August 1 at 12:50 UTC, sparking speculation about whale accumulation or internal fund management.

Kraken transferred 82.27 million XRP (worth $246.5 million) to an unidentified wallet, sparking speculation about potential whale activity or internal fund movement. Source: Whale Alert via X

Subsequent analysis by The Crypto Basic confirmed the receiving wallet is also associated with Kraken, named “Kraken (4)” on XRPScan. This suggests the transfer may have been a routine internal shuffle, potentially between hot and cold storage, rather than a third-party withdrawal.

Kraken has been actively shifting XRP across its wallets recently. Another transfer involving 31.8 million XRP (approximately $95 million) was also recorded the same day. In that case, the transaction originated from another Kraken-linked address, reinforcing the idea of internal liquidity management.

Interestingly, the exchange also moved large amounts of other digital assets, including 1.89 million LINK and 680 BTC, on the same day—likely to adjust its reserves amid broader market movements.

Technical Setup: Oversold Levels May Favor Bulls

Technically, XRP remains in a medium-term uptrend despite its short-term correction. The July breakout from $2.00 to above $3.50 marked a strong bullish structure, and Fibonacci retracement levels indicate that XRP is currently in a retracement phase.

The Relative Strength Index (RSI) on the 4-hour chart sits around 31—typically an oversold signal—suggesting the potential for a relief bounce. On the daily chart, RSI remains neutral at 48, leaving room for further movement in either direction.

XRP must break above $3.30 to confirm a bullish move or risk continued consolidation below key support. Source: thecafetrader on TradingView

If XRP successfully rebounds from the $3.00 support and breaks above $3.30, the next key levels are $3.50, $3.60, and eventually $4.00. On the downside, a failure to hold $2.90 could see XRP test $2.70 or even $2.45, where the 200-day moving average and long-term uptrend line provide additional support.

Market Outlook: A Defining Moment for XRP

The broader market sentiment toward XRP today is one of cautious anticipation. The combination of technical support, large-scale exchange movements, and past price behavior suggests that this current phase may be pivotal.

XRP has a history of rebounding swiftly after periods of reduced activity and price pullbacks. If on-chain metrics begin to rise and XRP breaks through resistance with volume confirmation, traders could witness another leg up in the ongoing recovery.

As for long-term projections, many in the community are still eyeing bullish XRP price predictions for 2025, with some optimistic scenarios pointing toward $10 if macro trends and the Ripple vs SEC outcome tilt in favor of the crypto asset. Short term, however, all eyes remain on the $3.00 level as a crucial battleground for XRP’s next move.