XRP Experiences 4% Drop Amid Bitcoin Market Fluctuations, Yet Remains on Track for $5 Target

Key Points:

XRP has been trading under regulatory scrutiny as the market is awaiting significant SEC announcements regarding cryptocurrency ETFs.
There has been a 20% increase in active XRP Ledger addresses in the lead-up to the launch of Decentralized Media on September 12.
Integration of Linklogis with the XRP Ledger has resulted in a 23% rise in its equity, suggesting growing institutional interest.

XRP continues to face regulatory ambiguity as the market awaits pivotal SEC decisions on spot crypto ETFs in September.
Active addresses on the XRP Ledger increased by 20% over three days, indicating a renewed interest in the network ahead of the September 12 launch.
Chinese fintech company Linklogis has linked its vast supply-chain financing system with the XRP Ledger, boosting its equity by 23% and indicating heightened institutional involvement.
Notably, whale activity remains high with substantial transfers like 900 million DOGE worth $200 million moving to Binance recently.

XRP’s value dipped 4.30% from $3.02 to $2.89 within 24 hours from August 28 to August 29.
The token experienced significant fluctuations, trading within a $0.17 range during sell-offs and recoveries.
Around $2.85–$2.86, substantial accumulation occurred, with trading volumes exceeding the daily average at recovery phases.
XRP rebounded slightly to $2.89 after a drop to $2.87, highlighting buying interest during a peak hour.

Support: A solid support level appears to be forming at $2.85–$2.86, with signs of stability emerging around $2.88.
Resistance: Selling pressure remains at the $3.02 mark, with $2.91 acting as a near-term ceiling post-recovery.
Momentum: RSI is stable in the mid-50s after a previous decline, indicating neutrality in price action.
MACD: The histogram is trending toward a bullish crossover, hinting at the potential for a price rebound.
Patterns: Although the trajectory has shown bearish tendencies, the cup-and-handle pattern remains intact, targeting between $5 and $13 if upward momentum continues.
Volume: Approximately 273 million tokens were traded during intense activity, indicating institutional buying interest at the $2.88–$2.91 range.

Investors are focused on maintaining support at $2.85–$2.88 as it may act as a springboard for recovery.
A breakout above $3.02 could lead to targets near $3.20.
Conversely, a failure to hold $2.85 may see prices retracing to $2.80.
Noteworthy is the remarkable 20% increase in active addresses and institutional strategies like Linklogis’ integration with the XRP Ledger fueling optimism.