XRP Finds Support as Korean Buyers Step In Amid Market Sell-Off
XRP dipped 4.3%, sliding from $3.02 to $2.89 between Aug. 28–29 on elevated volumes, before recovering toward $2.83–$2.89 support. On-chain data shows Korean exchanges absorbing roughly 16 million XRP (≈$45.5 million), signaling regional institutional demand offsetting retail selling.
Activity on the XRP Ledger rose 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 XRP Ledger, boosting equity by 23% and highlighting enterprise adoption.
Technical Snapshot
- Support: $2.77 key floor; $2.85–$2.86 acting as accumulation zone.
- Resistance: $2.91 near-term cap; $3.02–$3.04 remains primary ceiling.
- Momentum & Patterns: RSI rebounded from oversold levels to mid-50s; MACD hints at bullish crossover. Symmetrical triangles and double-bottoms point to a potential cup-and-handle target of $5–$13.
Market Focus
Traders are watching whether $2.85–$2.86 holds. A break above $3.02–$3.04 could trigger a rally toward $3.20, while failure below $2.77 may open the door to $2.70. Institutional accumulation, particularly from Korean desks, will be critical in driving XRP’s next move.
