Why XRP Price Is Down Today Despite Proshares ETF Launch ?
The post Why XRP Price Is Down Today Despite Proshares ETF Launch ? appeared first on Coinpedia Fintech News
XRP price today’s recent slip below the critical $3 level has reignited heated discussions across the crypto community. Despite rallying over 27% in the past week and briefly reclaiming the $3 mark on July 14, the token has pulled back to around $2.86, sparking fresh speculation about market manipulation and whale behavior.
Also Read : Ripple Price Prediction As as ProShares XRP ETF Launches on July 18
XRP Price Slips Despite Strong Weekly Rally
XRP Price surged nearly 30% last week but faced strong resistance between $3.00–$3.02. The failed breakout triggered widespread profit-taking, cooling momentum as spot trading volume and open interest surged to a six-month high.
- Current Price: ~$2.86
- Weekly Gain: +27%
- Resistance Zone: $3.00–$3.02
- Support Levels: $2.60–$2.80
Despite the pullback, some analysts remain bullish. Peter Brandt forecasts a 60% rally toward $4.47, while Ali Martinez suggests that a weekly close above $3 could trigger a breakout toward $4.80+.
Is XRP Being Suppressed? The Theory Resurfaces
Versan Aljarrah, co-founder of Black Swan Capitalist, believes the XRP price is being deliberately suppressed by large institutions, he claimed:
“XRP can’t even stay above $3 because it threatens everything.”
According to Aljarrah, XRP’s unique real-world utility—especially its ability to enable instant cross-border payments—poses a serious threat to traditional financial systems. He implies that maintaining the status quo benefits entities invested in slow, high-fee global payments, and therefore suppressing XRP becomes strategic.
This suppression theory is not new. Many XRP holders have long pointed to:
- Ripple’s monthly escrow unlocks
- Algorithmic trading patterns
- Ongoing regulatory scrutiny
as tactics that limit the token’s price discovery.
On-Chain Data Shows Whale Confidence Growing
Despite the pullback, on-chain metrics point to increasing confidence among large holders.
- Whale wallets (holding over 1 million XRP) have surged to 2,743+
- These wallets collectively control over 47 billion XRP
- Data shows steady accumulation during dips, hinting at strong long-term belief in XRP’s fundamentals.
This increase in whale activity suggests that major investors are positioning themselves for a potential long-term breakout.
Volatility Spikes: What’s Next for XRP?
XRP’s implied volatility has surged to 96%, suggesting a potential 13% price swing in either direction this week. While price action remains choppy, the setup looks promising if XRP can break through resistance with volume.
Key Scenarios to Watch:
| Scenario | Impact |
| Breakout above $3 with strong volume | Bullish continuation toward $4–$6 |
| Failure to reclaim $3 | Possible retest of $2.60–$2.80 support zone |
| High volatility continues | Short-term chop likely before breakout |
Final Thoughts: Is XRP Ready for a Major Rally?
The XRP community is split. Some see this dip as strategic suppression, while others argue it’s just profit-taking and resistance testing. With Crypto Week underway and macro factors in play, the stage is set for a decisive move.
Until XRP clears the $3 level with conviction, expect heightened volatility and mixed sentiment. But if volume confirms a breakout, XRP could aim for $4–$6 in the near term, potentially even higher if whale accumulation continues and market sentiment improves.
FAQ
XRP dropped below $3 due to strong profit-taking near resistance and rising market volatility.
Some analysts and XRP supporters believe institutional actors suppress the price to limit its disruptive potential in finance.
Analysts like Peter Brandt and Ali Martinez foresee a rally to $4.47–$4.80 if XRP closes above $3 with volume.
Yes, wallets holding over 1 million XRP have surged, now controlling over 47 billion tokens—indicating long-term confidence.
