Key Points:

• XRP dropped sharply, recording its lowest levels in over a week due to massive market liquidations.
• A total of over $1 billion in liquidations occurred, with XRP falling from $3.34 to $3.10 and testing crucial support.
• Despite the decline, late-session buying indicates renewed interest from substantial holders as selling pressure decreased.

Recent Developments:

• XRP saw widespread sell-offs coinciding with a capitulation event, reaching a volume of 436.98 million, notably the highest this quarter.
• Meanwhile, Ripple’s CTO has reiterated the readiness of the XRP Ledger for use in global financial markets, providing substantial support despite technical challenges.

Price Movement Summary:

• The token fell from $3.34 to $3.10 in the 24-hour period ending August 15, a 7.19% decrease.
• The price fluctuated between $3.34 and $3.05, showing 8.69% volatility.

Technical Insights:

• Support has been established between $3.05 and $3.09 following multiple retests during heightened selling periods.
• Current resistance sits at $3.13 with a secondary threshold at $3.20, while reduced volume indicates potential end to liquidation pressure.

Market Trends to Watch:

• Investors are monitoring if buying activity will ensue above $3.13, checking large-holder trends for accumulation signs.
• Key observations include the performance of XRP in the face of upcoming market volatility and overall risk sentiment shifts influenced by external economic factors.