XRP faced heavy selling pressure between August 28 and 29, dropping from $3.02 to $2.89. However, South Korean investors stepped in, buying up nearly 16 million XRP, worth around $45.5 million, and transferring them to private wallets. This accumulation has provided a crucial cushion, helping XRP hold above support levels.
Technical indicators suggest recovery may be underway. The $2.85 level is seen as critical support, while $3.02 remains a strong resistance. A breakout above this zone could signal the next push higher, potentially reigniting hopes for a run toward $5.
Institutional adoption and regional demand continue to play a major role in XRP’s momentum. With growing activity on the XRP Ledger and fresh integrations by fintech firms, long-term investors remain optimistic despite short-term volatility.
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