The market held a tight range as XRP traders weighed heavy wallet accumulation against sizable institutional selling. Over a recent 24-hour session XRP traded between $2.81 and $2.87, finishing near $2.85 after a late reversal capped upside just under a key resistance band.
Market snapshot
Large addresses added roughly 340 million XRP in the past two weeks — about $960 million at present prices — even as institutions have liquidated an estimated $1.9 billion of holdings since July. Activity on the ledger spiked: total transaction volume topped 2.15 billion XRP on Sept. 1, more than double normal daily flows, suggesting heavy on‑chain movement despite price inertia.
Technical picture
Price action shows a clear short-term battleground. Immediate support sits at the $2.82 zone, which has repeatedly drawn bids. Overhead supply is concentrated at $2.86–$2.88; a sustained close above that range, then $3.00, would open the path toward $3.30 and beyond. Momentum indicators are mixed: the RSI hangs in the mid‑50s with a neutral-to-slightly-bullish tilt, and the MACD histogram is converging toward a potential bullish crossover if volume supports a move higher.
Chart patterns under watch include a longer-term symmetrical triangle below $3.00. Bullish scenarios cited by some analysts point to extended targets of $7–$13 if price breaks multi-year trendlines. Skeptics caution that momentum is fading beneath those same resistance levels and that a failure to reclaim $3.00 could keep XRP range-bound.
What to watch and why it matters
Traders will track whether the $2.82 support holds, whether accumulation by large wallets continues, and whether institutional flows slow. Macro and regulatory catalysts — including Fed policy moves and any fresh clarity from U.S. regulators like the SEC — could quickly swing sentiment and liquidity. A decisive breakout would signal renewed conviction; continued rejection at resistance would likely preserve the current consolidation.
Risk reminder: Cryptocurrency markets remain volatile. Market signals discussed here are informational and not financial advice; positions can move quickly on liquidity, news, or regulatory developments.
Source: CoinDesk. Read the original coverage for full details.