XRP Price Drops To Nearly $3 as Ripple Moves 200 Million Tokens From 2020 Wallet-Will The Bulls Step In?

The XRP price has dipped 7.95% in the last 24 hours, to trade at $3.22, on a 72.68% pump in the daily trading volume, to $14.08 billion.

XRP Price Dips As Ripple Transfers 200 Million XRP

The XRP price plunge comes after a Blockchain tracking service Whale Alert flagged a huge transaction of 200 million XRP (worth about $700 million at the time) was moved from an old Ripple-controlled wallet to a new one. 

This isn’t the first time such a massive transfer has happened; Ripple has performed similar moves just days prior, each time emptying an old wallet and sending the same amount to a freshly activated address.

According to analysts tracking XRP’s on-chain activity, these transactions look to be part of Ripple’s internal fund management. There’s no sign there is any transaction for tokens right away, but traders are keeping a close eye, big moves like this can worry investors or hint at something coming.

XRP Price Action From Peaks to Pullback: Will Bulls Step In?

Just days ago, XRP reached as high as $3.65, nearly topping its 2018 all-time high. However, after Ripple’s big token moves and general market uncertainties, the price dropped sharply, falling around 5% from that peak. 

XRP is showing strong technical signals on its daily chart, particularly after flashing its first major golden cross of 2025, a bullish sign indicating that upward momentum is building. While the price is now consolidating between $3.24 and $3.46, bulls remain in control as long as XRP trades above the Simple Moving Averages (SMAs) and holds support near $3.00.

XRPUSDT Analysis Source: Tradingview

The Moving Average Convergence Divergence (MACD) is currently flat but showing early signs of a potential bullish crossover; if the MACD line crosses above its signal line and the histogram turns positive, it would further strengthen the case for an upward move. 

XRP Struggles Below $3.60 as Traders Watch Key Support Levels

Meanwhile, the RSI at 63 shows that bulls are still in charge but XRP is not yet overbought, suggesting a phase of consolidation where traders are waiting for a clear momentum shift.

What’s crucial is XRP’s ability to hold certain support levels. If buyers can keep the price above $3, it could prevent a bigger selloff. But if that support fails,  XRP might tumble closer to $2.60 or even $2.30, the next major levels of support from previous months.

The XRP price chart shows that after a strong rally, the token has struggled to break above the $3.60 resistance level. A close above this level could signal a run towards $5 or even higher. Several bullish signals remain, such as the pattern of higher lows throughout July and active trading volumes, but the momentum has cooled.