XRP’s recent price slip might have sent ripples of concern through the crypto market, but there’s more beneath the surface than meets the eye. Over the past few days, XRP has been bouncing between $2.85 and $2.89 after a sharp decline from $3.02. The backdrop of this volatility? A noteworthy flurry of activity on Korean exchanges, which have absorbed a hefty 16 million XRP—equivalent to around $45.5 million—during the selloff. This accumulation by Korean institutional players suggests a robust demand from the region, even as retail investors seemed to pull back.
Korean Appetite Fuels Speculation
South Korea’s reputation for speculative crypto trading—sometimes spurring the so-called “Kimchi Premium”—is alive and well. As Korean desks beef up their XRP holdings, they’re effectively countering the retail-driven selling pressure. This dynamic is creating a tension between distribution and accumulation in the market. While some whales are offloading other tokens like DOGE, moving $200 million to Binance, Korean entities appear bullish on XRP, adding to their positions. This mirrors a broader trend seen in 3 Altcoins Smart Money Are Buying During Market Pullback, highlighting strategic accumulation amid market fluctuations.
“The Korean market has consistently acted as a barometer for altcoin trends,” said crypto analyst Joo Park. “Their recent accumulation of XRP could signal a potential price floor, especially if retail sentiment shifts.”
Technical Signals: A Bullish Undercurrent?
Technical indicators are painting an intriguing picture for XRP enthusiasts. After the selloff, XRP found solid buying support at the $2.85–$2.86 range, which now serves as an accumulation zone. Despite the initial dip, the RSI has climbed from an oversold 42 to a more promising mid-50s, hinting at recovery momentum. Meanwhile, the MACD is inching towards a bullish crossover, potentially heralding future gains if buying pressure persists.
Patterns such as symmetrical triangles and double-bottom setups are emerging, aligning with a larger cup-and-handle formation. Some analysts speculate this could push XRP towards ambitious targets—between $5 and $13. “If we see a confirmed break above the $3.02–$3.04 resistance, a rally to $3.20 could be on the cards,” noted market strategist Lee Min-kyu. This optimism is reminiscent of recent market movements where XRP Jumps 6% to Top Market Gainers as Bitcoin Retakes $111K, underscoring the potential for significant upward momentum.
Institutional Moves and Market Dynamics
The recent uptick in XRP Ledger activity—marked by a 20% increase in active addresses—coincides with the approaching Decentralized Media launch on September 12. This has been bolstered by Linklogis, a Chinese fintech giant, integrating XRP Ledger into its supply-chain financing platform, highlighting a growing trend of enterprise adoption. Linklogis’s move has not only boosted its equity by 23% but also underscores the broader utility of XRP beyond speculative trading.
For traders, the critical question remains: Will the $2.85–$2.86 support hold against renewed selling pressure? And if so, can the momentum sustain itself through the myriad of events on September’s calendar? While the downside risks remain, particularly if support at $2.77 falters, the narrative of accumulation led by Korean institutions continues to be a focal point.
Looking Ahead: A Crossroads for XRP
As XRP navigates the choppy waters of market sentiment, its path forward is riddled with both opportunities and challenges. The interplay of institutional interest, technical signals, and broader market dynamics will be pivotal in determining its trajectory. While the allure of a potential $5 target tantalizes traders, the reality of market unpredictability cannot be ignored.
With the crypto landscape constantly evolving, XRP’s journey remains one to watch closely. The coming weeks will be critical in assessing whether the bullish patterns hold firm or if market forces will chart a different course. As investors weigh these factors, the stage is set for an intriguing chapter in XRP’s ongoing saga.
Source
This article is based on: XRP Bullish Patterns Point to $5 as Korean Buyers Start to Accumulate
Further Reading
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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.
