CoinDesk
29 August 2025
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XRP Drops 4% Amid Market Sell-Off, Cup-and-Handle Pattern Remains

News Background

  • XRP trades under regulatory uncertainty as markets await SEC decisions on spot crypto ETFs in September.
  • Active XRP Ledger addresses increased by 20% over three days, indicating renewed network engagement ahead of the September 12 launch.
  • Linklogis integrated its supply-chain financing platform with the XRP Ledger, leading to a 23% rise in its equity and highlighting institutional interest.
  • Whale activity remains high: 900 million DOGE worth $200 million moved to Binance, reflecting large-holder repositioning in memecoins.

Price Action Summary

  • XRP declined 4.30% from $3.02 to $2.89 between August 28 and 29.
  • The token traded in a $0.17 band, dropping sharply to $2.84 during initial sell-off on August 28.
  • Accumulation interest emerged around $2.85–$2.86, with volumes surpassing the daily average during recovery phase.
  • XRP rebounded from $2.87 to $2.89 in the final hour, briefly reaching $2.91 due to a surge in volume.

Technical Analysis

  • Support at $2.85–$2.86 shows strong base; stability at $2.88 indicates accumulation.
  • Resistance at $3.02 persists, with $2.91 serving as a near-term ceiling.
  • RSI steady in mid-50s, reflecting neutral-to-improving momentum.
  • MACD histogram converges toward bullish crossover, indicating potential upside.
  • A cup-and-handle pattern is forming, with targets in the $5–$13 range if momentum continues.
  • 273M tokens traded during peak activity; 19.6M surge confirmed institutional buying at $2.88–$2.91.

What Traders Are Watching

  • Defense of $2.85–$2.88 support is crucial for further recovery.
  • A breakout above $3.02 could target $3.20.
  • If $2.85 support fails, bearish scenario points to $2.80.
  • Network growth and Linklogis’ integration serve as fundamental tailwinds.
  • Impact of institutional accumulation against whale-driven distribution will be monitored.