XRP Drops Below $1 for First Time in Two Years — Whales Accumulate During the Dip
XRP fell below $1 for the first time in two years on August 11, touching a low near $0.99 before rebounding to about $1.02. The move came amid a broader pullback across cryptocurrency markets this month, with most major digital assets under pressure.
The decline reflects wider market conditions rather than XRP-specific news. XRP’s total market value has fallen roughly 29% over the past three months, according to data, tracking a slowdown that has weighed on the broader crypto sector.
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Whale Wallets Grow During the Dip
While the price fell, on-chain data pointed to a different trend beneath the surface. Wallets holding at least 1 million XRP added 32 new addresses during the recent dip, a sign that some large holders were buying as smaller retail investors sold.
This divergence — large holders accumulating while price falls — is often watched as a signal of longer-term confidence, even during short-term weakness. It suggests that some institutional or high-net-worth investors view the drop as a buying opportunity.
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Community Reaction Split
Reaction across social media has been divided. Some longtime holders describe the drop below $1 as a buying opportunity, pointing to Ripple’s ongoing work in cross-border payments as a reason for continued confidence in the token’s long-term use case. Others are more skeptical, questioning how much further the price could fall before finding a floor.
Ripple has continued to expand its partnerships, including recent news that Aviva chose the XRP Ledger for its $30 billion liquidity fund. Such developments provide a fundamental backdrop that some investors weigh against short-term price movements.
What Chart Analysts Are Watching
One chart analyst who has called XRP’s broader downtrend for close to a year says the token remains in a longer-term bear market that has been running since last summer. He pointed to a recent lower low in XRP’s price, while a separate momentum measure showed early signs of stabilizing — a pattern he described as tentatively bullish, though not yet confirmed.
He said that signal would need a few more days of price action to hold up. A close below $1 could open the door to a drop near $0.92, identifying that level as the next area of support if XRP fails to hold above the dollar mark. If XRP manages instead to close back above $1 and stay there, he said the case for a near-term bounce would strengthen.
For now, the key level to watch is $1. A sustained close above it could signal stabilization, while a break below could accelerate selling. Traders should monitor volume and whale activity for further clues.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile and uncertain. Always conduct your own research before making investment decisions.
