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XRP Tumbles After Hitting $3.66 High — Is a Recovery in Sight?

Published by
Vignesh S G and Qadir AK

Since July 22, the XRP market has declined by 13.65%, with selling pressure intensifying. Despite the sudden plunge, support levels between $3.06 and $3.10 have remained resilient, signaling potential price stabilization in the near term.

With new XRP-based treasury initiatives launching and regulatory uncertainty over ETF approvals mounting, traders and analysts are closely watching for signs of a rebound.

XRP Price Action: Surge Followed by Sharp Decline

At the beginning of July, XRP was trading near $2.17. Over the next week, it ranged between $2.14 and $2.35. On July 9, the price broke above this zone with a 3.95% daily gain. Between July 9 and 21, XRP surged by 53.68%, supported by a strong uptrend and over 10 consecutive green candles.

However, on July 22, heavy liquidation pressure—triggered by over $100 million in long positions—led to a sharp 13.65% decline. According to on-chain data from CryptoQuant, many of these liquidations were the result of profit-taking near strong resistance levels.

Key Technical Levels: Resistance and Support Zones

XRP reached a recent high of $3.66 on July 18. Technical charts highlight strong resistance between $3.24 and $3.26 and critical support between $3.06 and $3.10.

In recent hours, XRP tested both zones multiple times. At the time of writing, XRP trades at $3.08—approximately 0.64% above the nearest support.

Notably, a flash dip was recorded earlier, briefly pushing XRP to $0.03 on select exchanges before recovering. Analysts believe this was due to isolated exchange issues rather than organic price action.

Institutional Developments Fuel Long-Term Optimism

Recent announcements underscore institutional interest in XRP:

These moves highlight XRP’s growing use case in treasury and real-world financial systems, reinforcing its role in next-gen financial infrastructure.

While current price movement may suggest declining interest, analysts from Messari and CoinShares suggest this is likely temporary and linked to ETF decision delays rather than a fundamental loss of faith.

XRP Spot ETF: What’s at Stake?

The U.S. SEC has already approved a futures-based XRP ETF. However, multiple applications for a spot XRP ETF—most notably the REX-Osprey filing—are still under review.

According to Bloomberg ETF analysts, there’s a 95% chance of spot XRP ETF approval by 2025. A key regulatory decision is expected today, which could act as a short-term catalyst.

What Comes Next for XRP?

Experts, including Matthew Sigel from VanEck and market analysts at Glassnode, suggest that XRP must hold above $3.06 for potential recovery. A sustained bounce above $3.15 could encourage institutional re-entry and retail confidence.

Price movement over the next few days will likely hinge on:

  • Outcome of spot ETF decisions
  • Recovery of Bitcoin and broader altcoin market
  • Further on-chain buying by whale wallets

FAQs

Why did XRP fall by 13.65%?

The drop was triggered by over $100 million in long position liquidations, driven by profit-taking at resistance levels.

What are XRP’s critical support and resistance levels?

Support lies between $3.06 and $3.10; resistance is seen around $3.24–$3.26.

Is an XRP spot ETF approved yet?

Not yet. A futures-based ETF exists, but the SEC is reviewing spot ETF filings, with a decision expected shortly.

Is it worth it to invest in XRP?

XRP may be worth investing in for those seeking legal clarity and exposure to institutional crypto adoption.

Vignesh S G and Qadir AK

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.

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