XRP fell sharply alongside the wider weakness of the market, withdrawing 4.3% during the 24 -hour session from August 28 from August to 29 at 12:00 p.m.
Channel data have shown that Korean exchanges absorbing 16 million XRP (≈ 45.5 million dollars) during the sale, pointing to regional institutional demand, even if the retail portfolios have reduced the exposure.
South Korea has historically been an engine of speculative cryptographic trading, often carrying out a price action in certain altcoins (sometimes called the “Kimchi Premium” effect).
If the large portfolios associated with Korean exchanges or institutions accumulate with assistance, this suggests that regional demand is taking place to absorb retail pressure, effectively putting a floor under XRP.
For global merchants, which sets up a distribution story compared to the accumulation: while some whales moved from $ 200 million in binance (a distribution signal), Korean offices added an exposure to the XRP (an accumulation signal).
The activity of the large XRP book resumed, with active addresses climbing 20% in three days before the launch of the decentralized media on September 12.
Chinese Fintech, Linklogis, has joined its financing platform for the Dollars Billion supply chain with XRP Ledger, increasing its equity by 23% and highlighting the adoption of companies.
Summary of price action
XRP increased from $ 3.02 to $ 2.89 in the 24 -hour window, a drop of 4.30% over a drop of $ 0.17 (5.75%) varies between $ 3.02 and $ 2.85.
The heavy sale at 3:00 p.m. GMT on August 28 lowered prices to $ 2.77 out of 96.19 million volumes, more than double the average of 24 hours of 43.48 million.
The purchasing support appeared from $ 2.85 to $ 2.86, with volumes above the basic line during the recovery push from 07: 00 to 09: 00 GMT on August 29.
In the last hour (11: 56–12: 55 GMT), XRP rebounded from $ 2.87 to $ 2.89, affecting $ 2.91 to 12:31 on a touch of 19.6 million.
Technical analysis
Support: Key base at $ 2.77, reinforced by a high volume absorption; $ 2.85 – $ 2.86 now acting as an accumulation area.
Resistance: $ 2.91 paper in the short term; $ 3.02 remains the dominant ceiling of repeated rejection.
Momentum: RSI went from 42 (occurrence) in the mid -1950s, showing the recovery momentum.
MacD: Histogram tightening towards a bullish crossing, indicating an increase potential if the buyers undergo pressure.
Patterns: Symmetrical triangles and double -bottomed configurations align with a wider formation of cups and sleeves that some analysts see extending to targets from $ 5 to 13.
What traders look at
The question of whether the support of $ 2.85 to $ 2.86 continues to adapt to the renewed sale.
A confirmed rupture greater than $ 3.02 to $ 3.04 Resistance as the first trigger for a race at $ 3.20.
The lower risks open if $ 2.77 fail, with $ 2.70 as the next support.
Institutional accumulation on Korean exchanges and business flows remain the main engine of the dynamics of the September event calendar.
