Key Highlights
- XRP has experienced a 4% decrease in the last day, bringing its price down to $2.75 after reaching $2.85.
- Institutional selling has reached $1.9 billion since July, raising concerns over market stability.
- Contrary to this selling trend, 340 million XRP was accumulated by large holders, indicating differing strategies between institutional investors and whales.
- Technical indicators suggest potential price recovery if resistance levels can be surpassed, with liquidity mapped up to $4.00.
Market Overview
- XRP’s price fluctuated from $2.85 to $2.75 during the August 31 to September 1 trading session, indicating significant selling pressures at the $2.80 level.
- September is typically a challenging month for crypto markets, influenced by unresolved regulatory issues in the U.S.
- On-chain data indicates increased activity on the XRP Ledger, reminiscent of previous transitional phases in 2017, presenting opportunities for traders.
Technical Analysis
- Immediate support for XRP is found between $2.75 and $2.77, with critical long-term levels at $2.50 and $2.00.
- Rejection patterns have formed at $2.80 and $2.87, while momentum indicators like RSI and MACD are showing mixed signals, suggesting potential for upside if conditions align.
- Analysts are eyeing a potential move to $5-$13 if markets can break through established resistance points.
