News background
- The XRP fell sharply alongside the broader weakness in the market, which retreated 4.3% to a 24 -hour session from August 28 to 13:00 to August 29 and 12:00.
- On-chain data has shown Korean exchanges absorbing 16 million XRP (≈ $ 45.5 million) during sale, pointing to the regional institutional demand even though retail wallets have reduced exposure.
- South Korea is a history that has been the driver of crypto trading, which often leads price action to some Altcoins (sometimes called the “Kimchi Premium” effect).
- If large wallets associated with Korean exchanges or institutions accumulate in support, it suggests that the region’s demand has stepped to absorb the retail selling pressure, effectively placing a floor under the XRP.
- For global entrepreneurs, who set a distribution narrative compared to accumulation: while some whales move $ 200 million to Doge to Binance (a distribution signal), Korean desks increase exposure to XRP (an accumulation signal).
- XRP ledger activity was selected, with active addresses climbing 20% in three days before Sept. 12 decentralized media launch.
- Chinese Fintech firm Linklogis combined the trillion-dollar chain financing platform with XRP ledger, strengthening the equity 23% and underscoring business adoption.
Summary of price action
- The XRP slid from $ 3.02 to $ 2.89 to the 24 -hour window, a 4.30% decline in a $ 0.17 (5.75%) range between $ 3.02 climax and $ 2.85 low.
- Heavy sale at 15:00 GMT on August 28 pushed prices up to $ 2.77 to 96.19 million quantities, more than double the 24 -hour average of 43.48 million.
- Purchase support appeared at $ 2.85- $ 2.86, with volumes above the baseline during 07: 00–09: 00 GMT Recovery Push on August 29th.
- In the final time (11: 56–12: 55 GMT), the XRP booked from $ 2.87 to $ 2.89, holding $ 2.91 at 12:31 to a 19.6 million spikes.
Technical analysis
- Support: Main base of $ 2.77, strengthened by strong absorption of volume; $ 2.85– $ 2.86 acting today as an accumulation zone.
- Resistance: $ 2.91 short -term cover; $ 3.02 remains dominant ceilings from repeated decline.
- Momentum: RSI raised from 42 (oversold) to the mid 50s, showing the momentum of recovery.
- MACD: The histogram strictly toward a bullish crossover, which indicates potential reversal if consumers maintain pressure.
- Patterns: Symmetrical triangles and double setups are in line with a wider cup-and-handle developing a few analysts reaching $ 5- $ 13 targets.
What do entrepreneurs watch
- If the $ 2.85- $ 2.86 support continues to hold against the sale.
- A confirmed rest above the $ 3.02- $ 3.04 resistance as the first trigger for a running towards $ 3.20.
- Open the downside risks if $ 2.77 failed, with $ 2.70 as the next support.
- The institution’s accumulation of Korea exchanges and corporate flow will remain the main driver for maintaining momentum at the event calendar in September.
