XRP traded in a tight range below $3 this week as large holders added to positions and technical indicators point to a possible breakout. Over the past two weeks, on-chain data shows whales accumulated roughly 340 million XRP (~$960M), offsetting broader selling pressure and signaling longer-term conviction among big holders.
Price action was confined to roughly $2.70–$2.83 over the 24‑hour window tracked. The token dipped to around $2.71 late in the session before rebounding toward $2.83. Trading volumes spiked—two bursts hit 101.36M and 93.66M versus a 24‑hour average near 65.49M—suggesting institutional buying during the open followed by retail profit-taking into the close.
Technical picture
Key support sits at $2.70–$2.72, a volume-backed demand zone. Immediate resistance is at $2.83; above that traders will watch the $3.00 psychological level and a decisive breakout zone around $3.30. A sustained move through $3.30 could open a path toward $4.00. Momentum indicators are cautiously constructive: the RSI hovers in the mid-50s and the MACD histogram is converging toward a bullish crossover. Chart structure shows a symmetrical triangle forming under $3.00 and intraday higher lows point to ongoing accumulation.
What traders are watching
– A clean close above $2.83, then $3.00, with confirmation at $3.30 for a larger upside leg.
– Whether $2.70–$2.72 support holds; a drop below shifts attention to $2.50.
– Confirmation from an RSI move above 60 combined with a MACD cross on rising volume.
Why it matters
Whale accumulation during a seasonally weak September suggests some large players are positioning for a recovery, which could magnify moves if volatility returns. Elevated volume spikes also indicate institutional flows that can amplify short-term price moves.
Risk note: Cryptocurrency markets are volatile. Technical setups can fail, and on-chain flows don’t guarantee price direction. This is not financial advice.
Source: CoinDesk. Read the original coverage for full details.