XRP ticked higher over the 24-hour window to reach about $2.82, driven largely by concentrated institutional activity and heavy whale accumulation. The move reversed an early session dip and left traders weighing a short-term consolidation against the possibility of a deeper pullback.
Trading data showed an unusually large early-session spike: roughly 164.9 million XRP changed hands between 07:00–08:00 GMT — nearly double the 24-hour average of 86 million. On-chain and exchange flow trackers also flagged that large holders have added roughly 340 million XRP over recent weeks, an accumulation equivalent to about $960 million at current prices.
Price action was rangebound: XRP opened near $2.74, rallied to a morning high of $2.83, then settled around $2.77 by session close. The market established a clear near-term floor in the $2.70–$2.74 band while meeting resistance at $2.83. Short-lived bursts recorded more than 2 million tokens per minute, underscoring episodic institutional flows.
Technically, momentum indicators show a neutral-to-mildly bullish tilt. The RSI sits in the mid-50s and the MACD histogram is contracting toward a possible bullish crossover, consistent with accumulation. Chart patterns point to a symmetrical triangle beneath the $3.00 mark; a decisive break above $3.30 would open upside toward the mid-$4 range, while a failure to hold the $2.70 floor could expose support near $2.50.
Catalysts to watch include pending U.S. spot XRP ETF applications from firms such as Grayscale and Bitwise, which could be a material inflow trigger if approved. That said, seasonal September softness and regulatory uncertainty remain headwinds — analysts remain divided, with some warning of a drop toward $1.00 after the July peak and others projecting long-term targets of $7–$8.
Traders should monitor whether volume confirms any breakout or breakdown — reclaiming $2.83 then testing the $3.00–$3.30 band would favor bulls; losing the $2.70 floor would increase downside risk. Market conditions remain volatile; positions should be sized with risk management in mind.
Source: CoinDesk. Read the original coverage for full details.