XRP Trades Between $2.70 and $2.84 Amid Whale Accumulation
Token trades between $2.70 and $2.84 from Aug. 31 to Sept. 1, with whale accumulation offsetting resistance at $2.82–$2.84.
News Background
- XRP declined from $2.80 to $2.70, then rebounded to $2.82 on high volumes.
- Whales accumulated 340M XRP over two weeks, indicating institutional confidence despite bearish trends.
- On-chain activity surged with 164M tokens traded on Sept. 1 morning, double the session average.
- September is typically weak for crypto; however, whale accumulation may counteract retail liquidation.
Price Action Summary
- Trading range was $0.14 (≈4.9%) between $2.70 and $2.84.
- Price dropped from $2.80 to $2.77 at 23:00 GMT on Aug. 31, with 76.87M volume, almost triple daily averages.
- At 07:00 GMT on Sept. 1, bullish flows increased price from $2.73 to $2.82 on 164M volume, establishing support at $2.70–$2.73.
- Final hour saw a 0.71% slip from $2.81 to $2.79, confirming resistance at $2.80–$2.81.
Technical Analysis
- Support at $2.70–$2.73, bolstered by whale buying.
- Resistance at $2.80–$2.84, with $2.87–$3.02 as next upside targets.
- RSI near mid-40s indicates neutral-to-bearish momentum.
- MACD in compression phase; potential crossover if accumulation continues.
- Symmetrical triangle forming; breakout could lead to $3.30 if resistance is breached.
What Traders Are Watching
- If $2.70–$2.73 holds, traders may target $2.84 retests.
- A close above $2.84 could open up $3.00–$3.30.
- Breaching $2.70 may expose $2.50 as the next support level.
- Dynamic of whale accumulation versus institutional selling will influence direction in September.