Recent Price Movement
XRP slid from $3.02 to $2.89 in the 24-hour session from Aug. 28 at 13:00 GMT to Aug. 29 at 12:00 GMT, driven by broader market weakness and heavy selling at 15:00 GMT on Aug. 28. Volumes peaked at 96.19 million, more than double the 24-hour average, before prices rebounded to $2.91 on lighter flows.
On-Chain Accumulation
Data reveal Korean exchanges absorbed 16 million XRP (≈$45.5 million) during the sell-off, signifying regional institutional buying that helped stabilize prices around $2.85–$2.86. Historically, Korean demand has underscored significant altcoin moves, reflecting the so-called “Kimchi Premium” dynamic.
Technical Indicators
- Support: $2.77 with reinforcement at $2.85–$2.86 accumulation zone.
- Resistance: $2.91 short-term cap; $3.02 remains the major hurdle from prior rejection.
- Momentum: RSI climbed from 42 to mid-50s, signaling recovery; MACD histogram tightening toward bullish crossover.
- Pattern: A cup-and-handle setup aligns with broader bullish formation, implying targets as high as $5 if resistance gives way.
Trader Focus
Key watchpoints include the $2.85 support holding amid renewed selling, a decisive break above $3.02 for upside confirmation, and institutional flows into Korean wallets. Persistent selling pressure could push XRP back toward $2.70 if $2.77 fails.
Conclusion
Regional accumulation and improving technical signals suggest XRP may be poised for a bullish run toward higher targets, contingent on breakthrough above key resistance and sustained institutional demand.
Comments (0)