News Background

XRP experienced a significant decline, dropping 4.3% within the 24-hour period from August 28 at 13:00 to August 29 at 12:00, amid overall market weakness.
On-chain metrics indicated that Korean exchanges absorbed 16 million XRP (approximately $45.5 million) during the downturn, highlighting regional institutional interest despite a reduction in retail exposure.
Historically, South Korea has influenced speculative crypto trading, often leading price movements in particular altcoins, a phenomenon referred to as the “Kimchi Premium” effect.
The accumulation of large wallets tied to Korean exchanges or institutions suggests that regional demand may be stepping in to mitigate retail selling pressure, potentially stabilizing XRP prices.
For global traders, this creates a narrative of distribution versus accumulation: while some whales transferred $200 million in DOGE to Binance (a distribution signal), Korean desks were increasing their XRP holdings (an accumulation signal).
Activity on the XRP Ledger surged, with active addresses rising by 20% over three days leading up to the September 12 Decentralized Media launch.
Linklogis, a Chinese fintech firm, has integrated its trillion-dollar supply chain financing platform with the XRP Ledger, resulting in a 23% equity boost and emphasizing enterprise adoption.

Price Action Summary

XRP fell from $3.02 to $2.89 in the 24-hour span, marking a 4.30% decrease within a range of $0.17 (5.75%) between the $3.02 peak and $2.85 low.
A wave of selling at 15:00 GMT on August 28 caused prices to plummet to $2.77 on a volume of 96.19 million, exceeding the 24-hour average of 43.48 million.
Buying support emerged in the $2.85–$2.86 range, with volumes surpassing average levels during the recovery period from 07:00 to 09:00 GMT on August 29.
In the concluding hour (11:56–12:55 GMT), XRP rallied from $2.87 to $2.89, briefly reaching $2.91 at 12:31 on a spike of 19.6 million.

Support: Essential support level at $2.77, strengthened by considerable volume absorption; $2.85–$2.86 currently serves as an accumulation zone.
Resistance: Short-term resistance at $2.91; $3.02 remains a significant barrier due to repeated rejections.
Momentum: RSI has risen from 42 (oversold) into the mid-50s, indicating a recovery trend.
MACD: Histogram is tightening towards a bullish crossover, signaling potential upside if buyer momentum persists.
Patterns: Symmetrical triangles and double-bottom formations align with a broader cup-and-handle pattern that some analysts predict could extend toward targets of $5–$13.

Observation of whether the $2.85–$2.86 support holds against renewed selling pressure.
A confirmed breakout above $3.02–$3.04 resistance may initiate a movement towards $3.20.
Downside risks could arise if $2.77 fails, with $2.70 as the next support level.
Institutional accumulation on Korean exchanges and corporate flows are crucial for maintaining momentum leading into September’s event calendar.