XRP Slides to $2.75 as September Opens Bearish, but Whale Buying Signals Possible Recovery
XRP fell from $2.85 to $2.75 in the Aug. 31–Sept. 1 session, as short-term selling at $2.80 weighed on the market. Despite the pullback, long-term holders accumulated 340 million tokens, highlighting contrasting behaviors between institutional liquidators and whales.
Market Overview
Since July, institutional liquidations have totaled $1.9 billion, increasing volatility and raising concerns of seasonal weakness. September has historically been a challenging month for crypto, while ongoing regulatory pressure in the U.S. continues to keep institutional participation cautious.
Meanwhile, on-chain data shows rising activity on the XRP Ledger, with symmetrical triangle formations reminiscent of the 2017 pre-breakout setup. Liquidity concentrations near $4.00 could amplify any bullish move if XRP overcomes resistance levels.
Price Action Highlights
- Key declines: Aug. 31, 23:00 GMT — XRP dropped from $2.80 to $2.77 on 76.87 million volume, almost triple the daily average.
- Support testing: Sept. 1, 01:31–02:30 GMT — price fell from $2.77 to $2.75, with over 10 million tokens traded per minute indicating forced liquidations.
- Intraday high: XRP briefly touched $2.87 but retreated under institutional selling pressure.
Technical Analysis
- Support: $2.75–$2.77 immediate floor; $2.50 and $2.00 critical longer-term levels.
- Resistance: $2.80–$2.87 short-term ceiling; $3.30 is the longer-term breakout line.
- Momentum indicators: RSI mid-40s, showing oversold conditions; MACD bearish divergence persists but hints at a potential bullish reversal.
- Patterns: Symmetrical triangle and double-bottom formations align with a larger cup-and-handle structure; upside potential targets $5–$13 if resistance breaks.
- Volume: Heavy selling at $2.80 confirmed distribution, while whale accumulation supports potential recovery.
Traders’ Key Watchpoints
- Will $2.75 hold as the new support level?
- A close above $2.87 could trigger a run toward $3.30.
- The interplay between $1.9 billion in institutional selling and 340 million XRP accumulated by whales may drive near-term price action.
- Seasonal September weakness versus bullish structural setups remains a critical factor.
