XRP Forms Symmetrical Triangle Below $3.00, Eyes $3.30 Breakout
Market Overview
- XRP traded within a 2% range of $2.81 to $2.87 from Sept. 2, 14:00 to Sept. 3, 13:00.
- Large wallets accumulated approximately 340M XRP (~$960M) in two weeks while institutions liquidated ~$1.9B since July.
- Total transaction volume on the XRP Ledger reached 2.15B XRP on Sept. 1, exceeding typical daily activity.
- Analysts are divided: some predict price targets of $7–$13, while others caution about fading momentum below resistance trendlines.
Price Dynamics
- XRP opened at $2.84 and closed at $2.85, showing slight upward movement despite volatility.
- Price decreased from $2.84 to $2.79 then rebounded to $2.87 midday on Sept. 3.
- Support established at $2.82, attracting repeated bids.
- Resistance capped gains near $2.86, leading to intensified distribution pressure.
- A final-hour spike to $2.873 (12:38 GMT) on 5.38M volume was rejected, bringing the price back under $2.85.
Technical Insights
- Support: Key demand at $2.82, followed by $2.70 and $2.50.
- Resistance: Overhead supply at $2.86–$2.88; psychological level at $3.00 with breakout confirmation at $3.30.
- Momentum: RSI in mid-50s indicates neutral bias with slight bullish lean.
- MACD: Histogram nearing bullish crossover suggests potential for increased momentum with sustained volume.
- Patterns: Symmetrical triangle consolidation beneath $3.00; break above $3.30 could unlock higher targets.
- Volume: Recent session surges (93M–95M vs 44M avg) indicate active institutional participation.
Key Focus Areas for Traders
- Monitoring the stability of $2.82 support amid renewed selling pressure.
- Looking for a decisive close above $2.86–$2.88 to confirm breakout potential toward $3.00 and $3.30.
- Observing whale flows to analyze accumulation against ongoing institutional selling.
- Considering regulatory and macroeconomic factors, including Fed policy and pending SEC decisions, which may influence market sentiment.
