XRP Bullish Patterns Point to $5 as Korean Buyers Start to Accumulate

1 day ago

News Background

XRP fell sharply alongside broader marketplace weakness, retreating 4.3% successful the 24-hour league from August 28 astatine 13:00 to August 29 astatine 12:00.
On-chain information showed Korean exchanges absorbing 16 cardinal XRP (≈$45.5 million) during the selloff, pointing to determination organization request adjacent arsenic retail wallets reduced exposure.
South Korea has historically been a operator of speculative crypto trading, often starring terms enactment successful definite altcoins (sometimes called the “Kimchi Premium” effect).
If ample wallets associated with Korean exchanges oregon institutions are accumulating astatine support, it suggests determination request is stepping successful to sorb retail selling pressure, efficaciously putting a level nether XRP.
For planetary traders, that sets up a communicative of organisation vs. accumulation: portion immoderate whales were moving $200 cardinal successful DOGE to Binance (a organisation signal), Korean desks were adding XRP vulnerability (an accumulation signal).
XRP Ledger enactment picked up, with progressive addresses climbing 20% successful 3 days up of the Sept. 12 Decentralized Media launch.
Chinese fintech steadfast Linklogis integrated its trillion-dollar supply-chain financing level with XRP Ledger, boosting its equity 23% and underscoring endeavor adoption.

XRP slid from $3.02 to $2.89 successful the 24-hour window, a 4.30% diminution crossed a $0.17 (5.75%) scope betwixt $3.02 highest and $2.85 low.
Heavy selling astatine 15:00 GMT connected Aug. 28 drove prices down to $2.77 connected 96.19 cardinal volume, much than treble the 24-hour mean of 43.48 million.
Buying enactment emerged astatine $2.85–$2.86, with volumes supra baseline during the 07:00–09:00 GMT betterment propulsion connected Aug. 29.
In the last hr (11:56–12:55 GMT), XRP bounced from $2.87 to $2.89, touching $2.91 astatine 12:31 connected a 19.6 cardinal spike.

Support: Key basal astatine $2.77, reinforced by beardown measurement absorption; $2.85–$2.86 present acting arsenic an accumulation zone.
Resistance: $2.91 short-term cap; $3.02 remains the ascendant ceiling from repeated rejection.
Momentum: RSI lifted from 42 (oversold) into the mid-50s, showing betterment momentum.
MACD: Histogram tightening toward a bullish crossover, indicative of imaginable upside if buyers prolong pressure.
Patterns: Symmetrical triangles and double-bottom setups align with a broader cup-and-handle enactment that immoderate analysts spot extending toward $5–$13 targets.

Whether $2.85–$2.86 enactment continues to clasp against renewed selling.
A confirmed interruption supra $3.02–$3.04 absorption arsenic the archetypal trigger for a tally toward $3.20.
Downside risks unfastened if $2.77 fails, with $2.70 arsenic the adjacent support.
Institutional accumulation connected Korean exchanges and firm flows stay the cardinal operator for sustaining momentum into September’s lawsuit calendar.