XRP Shows Resilience as Korean Buyers Step In
XRP fell 4.3% from $3.02 to $2.89 during the Aug. 28–29 session amid broad market weakness but recovered toward $2.83–$2.89 as institutional buyers stepped in. On-chain data indicate Korean exchanges absorbed around 16 million XRP (~$45.5 million), suggesting regional demand is cushioning the token against retail selling pressure.
The XRP Ledger saw active addresses rise 20% in three days ahead of the Sept. 12 Decentralized Media launch, while Chinese fintech firm Linklogis integrated its trillion-dollar supply-chain financing platform with the network, boosting enterprise adoption.
Technical Snapshot
- Support: $2.77 remains a key floor; $2.85–$2.86 acts as an accumulation zone.
- Resistance: Short-term cap at $2.91; $3.02 continues to block upside.
- Momentum: RSI climbed from 42 to mid-50s; MACD trends toward a bullish crossover. Patterns such as double bottoms and symmetrical triangles suggest a potential cup-and-handle formation targeting $5–$13.
Trader Focus
Sustained support at $2.85–$2.86 is critical, while a break above $3.02–$3.04 could trigger a move toward $3.20. Conversely, falling below $2.77 risks a drop to $2.70. Institutional accumulation from Korean exchanges and corporate wallets remains the main factor shaping XRP’s near-term price action.
