XRP (CRYPTO: XRP) is reeling from an ongoing correction, which is weighing on the token’s price despite institutional interest.

Trader Notes: Crypto chart analyst Ali Martinez predicts XRP may face deeper downside, citing multiple technical red flags:

• Tom DeMark Sequential indicator recently flashed a sell signal on the 3-day chart, initiating the ongoing pullback.
• The next critical support level is $2.40. While $3 offered initial support, on-chain data highlights $2.80 as a soft buffer, with real demand starting below $2.48.
• Whale activity is also turning bearish. Over 720 million XRP have been dumped recently.
• The MVRV ratio just triggered a death cross, further supporting a bearish short-term outlook.

Martinez's trade record stands at 26 trades in July, yielding a total profit of 108.6%. He entered XRP at $2.33 on July 7, exiting with 11.1% profit and re-entered on July 24 and 30, earning 4.4% and break-even, respectively.

Statistics: CoinShares reports $31.3 million inflows into XRP last week -- in contrast to outflows from Bitcoin -- signaling continued institutional interest.

Whale Alert reported a transfer of 20 million XRP (worth ~$60.6M) from Upbit to an unknown wallet on Aug. 5.

Coinglass data shows XRP options volume having surged 94.8%, and open interest rising 82.8% in a single day. In the past 24 hours, $15.3M in XRP positions were liquidated, with long liquidations accounting for $13.3 million.

Community News: Ripple is expanding its footprint in Asia through a partnership with Korean crypto custodian BDACS to offer institutional-grade custody for XRP and RLUSD in South Korea. Ripple Custody will provide secure infrastructure for managing digital assets.

BDACS’ integration with top Korean exchanges -- Upbit, Coinone, and Korbit -- enables regulatory-compliant XRP deployment across the region’s leading trading platforms.

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• XRP Climbs 3% But One Key Indicator Just Flashed A Death Cross

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