News Background XRP fell sharply alongside broader market weakness, retreating 4.3% in the 24-hour session from August 28 at 13:00 to August 29 at 12:00. On-chain data showed Korean exchanges absorbing 16 million XRP (≈$45.5 million) during the selloff, pointing to regional institutional demand even as retail wallets reduced exposure. South Korea has historically been a driver of speculative crypto trading, often leading price action in certain altcoins (sometimes called the “Kimchi Premium” effect). If large wallets associated with Korean exchanges or institutions are accumulating at support, it suggests regional demand is stepping in to absorb retail selling pressure, effectively putting a floor under XRP. For global traders, that sets up a narrative of distribution vs. accumulation: while some whales were moving $200 million in DOGE to Binance (a distribution signal), Korean desks were adding XRP exposure (an accumulation signal). XRP Ledger activity picked up, with active addresses climbing 20% in three days ahead of the Sept. 12 Decentralized Media launch. Chinese fintech firm Linklogis integrated its trillion-dollar supply-chain financing platform with XRP Ledger, boosting its equity 23% and underscoring enterprise adoption. Price Action Summary XRP slid from $3.02 to $2.89 in the 24-hour window, a 4.30% decline across a $0.17 (5.75%) range between $3.02 peak and $2.85 low. Heavy selling at 15:00 GMT on Aug. 28 drove prices down to $2.77 on 96.19 million volume, more than double the 24-hour average of 43.48 million. Buying support emerged at $2.85–$2.86, with volumes above baseline during the 07:00–09:00 GMT recovery push on Aug. 29. In the final hour (11:56–12:55 GMT), XRP bounced from $2.87 to $2.89, touching $2.91 at 12:31 on a 19.6 million spike. Technical Analysis Support : Key base at $2.77, reinforced by strong volume absorption; $2.85–$2.86 now acting as an accumulation zone. Resistance : $2.91 short-term cap; $3.02 remains the dominant ceiling from repeated rejection. Momentum : RSI lifted from 42 (oversold) into the mid-50s, showing recovery momentum. MACD : Histogram tightening toward a bullish crossover, indicative of potential upside if buyers sustain pressure. Patterns : Symmetrical triangles and double-bottom setups align with a broader cup-and-handle formation that some analysts see extending toward $5–$13 targets. What Traders Are Watching Whether $2.85–$2.86 support continues to hold against renewed selling. A confirmed break above $3.02–$3.04 resistance as the first trigger for a run toward $3.20. Downside risks open if $2.77 fails, with $2.70 as the next support. Institutional accumulation on Korean exchanges and corporate flows remain the key driver for sustaining momentum into September’s event calendar.
