In the latest twist of the ever-evolving cryptocurrency saga, XRP showcased its flair for drama over a volatile 23-hour trading session, spanning from the wee hours of September 2 to the early morning of September 3. The digital asset danced between the price points of $2.76 and $2.86, a reflection of the broader market’s jittery response to ongoing geopolitical and monetary policy uncertainties. As the Federal Reserve’s rate-cut expectations continue to teeter, the crypto sphere finds itself in a liquidity conundrum.
Market Jitters and Whale Activity
The elephant—or should we say, whale—in the room is the accumulation of a staggering 340 million XRP, valued at approximately $960 million, over the past two weeks. This suggests that institutional investors are finding opportunity in the market’s recent weakness, even as overall selling pressure has persisted since July. While some analysts express concerns about potential downward slides toward $2.50 should the $2.76 support give way, optimistic voices in the market are eyeing long-term breakout possibilities above the $4.00 mark, contingent on clearing the $3.30 resistance. For further insights into these breakout opportunities, see our recent coverage on XRP’s Next Move: Analyst Spots Key Breakout Opportunity as Price Hovers Near Support.
XRP’s price journey on September 2 began around $2.79 and concluded near $2.82, marking a modest 2% increase. Notably, the intraday low of $2.76 was swiftly defended, supported by a volume surge exceeding 180 million, significantly higher than the 24-hour average of 78 million. This robust defense was followed by a price recovery to $2.86 during the 13:00–14:00 window, establishing a short-term resistance level. The final hour of trading witnessed another push from $2.83 to $2.86, with over 3 million tokens changing hands per minute, underscoring the influence of institutional players.
Technical Analysis: A Push for the Breakout
Diving into the technical indicators, the support range between $2.76 and $2.78 proved resilient against the onslaught of sell orders. Should these levels falter, the next safety nets lie at $2.70 and $2.50. On the flip side, near-term resistance is pegged at $2.86, with pivotal breakout levels at $3.00 and $3.30.
The Relative Strength Index (RSI) hovers in the mid-50s, suggesting a neutral-to-bullish sentiment. Meanwhile, the Moving Average Convergence Divergence (MACD) is inching toward a bullish crossover, lending credence to the accumulation thesis. A symmetrical triangle pattern beneath the $3.00 threshold remains intact, hinting at mounting pressure for a breakout if the $2.86 barrier is breached. This aligns with broader market trends, as highlighted in XRP And Dogecoin On The Edge Of ‘Full Port’ Breakout, Says Raoul Pal.
What’s Next for XRP?
Traders are keenly observing whether the $2.76 support can withstand repeated tests, or if a breach could open the floodgates to the $2.50 range. A sustained close above $2.86, followed by a breach of the $3.00 mark, could signal the continuation of bullish momentum.
Adding another layer of intrigue, the looming deadlines for spot ETF rulings in October could serve as a catalyst for XRP’s trajectory. Market participants are watching closely to see if trading volumes remain elevated or revert to averages, which will be critical in assessing the breakout’s legitimacy.
As XRP navigates these turbulent waters, the market is left pondering whether this digital asset can push past its resistance barriers, or if it will succumb to the pressures of a complex and uncertain financial landscape. One thing is certain: the coming weeks promise to be anything but dull for XRP enthusiasts and skeptics alike.
Source
This article is based on: XRP Trading Idea: Neutral RSI and Symmetrical Triangle Support $3.30 Breakout
Further Reading
Deepen your understanding with these related articles:
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- Best Altcoins to Buy Now as Ripple CEO Predicts $25T Crypto Market by 2030
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
