XRP Slides to $2.75 as September Opens Bearish, But Whale Accumulation Offers Upside Potential
XRP fell from $2.85 to $2.75 during the Aug. 31–Sept. 1 session, with selling pressure around $2.80 partially offset by long-term holders adding 340 million tokens. The contrasting dynamics highlight the tension between institutional liquidations and sustained accumulation by whales.
Market Overview
Institutional sell-offs totaling $1.9 billion since July have amplified volatility, while September historically trends weaker for crypto. Ongoing regulatory uncertainty in the U.S. adds to cautious sentiment.
On-chain metrics show XRP Ledger activity rising, with symmetrical triangle formations resembling pre-breakout patterns from 2017. Liquidity pockets near $4.00 could provide significant upside if resistance is cleared.
Price Action Summary
- Steepest drop: Aug. 31, 23:00 GMT — XRP fell from $2.80 to $2.77 on 76.87 million volume, nearly triple the daily average.
- Support retested: Sept. 1, 01:31–02:30 GMT — price dipped from $2.77 to $2.75, confirming forced liquidations.
- Intraday peak: Briefly reached $2.87 before institutional selling capped rallies above $2.80.
Technical Analysis
- Support: Immediate floor at $2.75–$2.77; $2.50 and $2.00 are key long-term levels.
- Resistance: $2.80–$2.87 is the short-term ceiling; $3.30 is the major breakout target.
- Momentum: RSI in mid-40s indicates oversold conditions; MACD shows bearish divergence but hints at a potential reversal.
- Patterns: Symmetrical triangle and double-bottom structures align with a larger cup-and-handle setup, signaling potential upside to $5–$13 if resistance breaks.
- Volume: High selling confirms distribution at $2.80, while whale accumulation supports the potential for recovery.
Trader Takeaways
- Can $2.75 hold as a new support in early September trading?
- A close above $2.87 may trigger a move toward $3.30.
- Divergence between institutional selling and whale accumulation remains a key market driver.
- Seasonal weakness may challenge bullish setups targeting $5–$13.
