XRP Shows Bullish Patterns as Korean Buyers Begin Accumulating

XRP Market Overview

XRP decreased by 4.3% from August 28 to August 29, dropping from $3.02 to $2.89.
Korean exchanges absorbed 16 million XRP (≈$45.5 million) during the downturn, indicating institutional demand amidst declining retail interest.
Historically, South Korea influences speculative trading in crypto markets, often leading altcoin price movements.
Accumulation by large wallets on Korean exchanges may stabilize XRP prices against retail selling pressure.
Active addresses on the XRP Ledger rose by 20% in three days before the September 12 Decentralized Media launch.
Linklogis integrated its supply-chain financing platform with XRP Ledger, increasing its equity by 23% and showcasing enterprise adoption.

XRP's price fluctuated within a range of $0.17 (5.75%) between $3.02 and $2.85.
Heavy selling at 15:00 GMT on August 28 led to a drop to $2.77, with a volume of 96.19 million.
Support was noted at $2.85–$2.86 during a recovery push on August 29.
XRP bounced back to $2.89, peaking at $2.91 on a volume spike of 19.6 million.

Support established at $2.77, with $2.85–$2.86 serving as an accumulation zone.
Resistance is at $2.91 short-term, with $3.02 acting as a long-term ceiling.
RSI indicates recovery momentum, rising from 42 to the mid-50s.
The MACD histogram suggests potential upside with tightening toward a bullish crossover.
Chart patterns indicate possible targets of $5–$13 based on symmetrical triangles and double-bottom formations.

Monitoring the stability of $2.85–$2.86 support against selling pressure.
Watching for a confirmed break above $3.02–$3.04 as a trigger for upward movement toward $3.20.
Downside risks exist if support at $2.77 fails, with $2.70 as the next level of support.
Institutional accumulation and corporate flows will be crucial for maintaining momentum into upcoming events.