XRP prices are nearly $2.88 at press, up about 2% over the past day. The past four weeks have been rough. XRP has been revised by more than 12.5% during that time. Still, the trend for the three months is high (approximately 26%).
Currently, on-chain data suggests that these weak weeks may be over. The major buyers moved first. However, sales by other owners keep the lid on a clean breakout.
Whale intervenes with a $630 million purchase
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The most obvious bullish move came from the whales. On September 3rd, when XRP traded above $2.85, two large cohorts began adding coins. The first group held at least 1 billion XRP, while the second held between 10 million and 10 million.
Since September 3, these groups have expanded their balances from 238.6 billion to 239.3 billion and from 7.61 billion to 776 billion. At current prices, this is a new holding of around $630 million.
This purchase was a clear push and helped the XRP move beyond the $2.85 area. This is the level that most purchases have happened.
That level had stopped XRP prices from rising, and it seems likely that whale demand is the main reason why prices have risen again. Think of a big hand that increases the price by adding coins at those levels.
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Make a profit and still block clear breakouts
Whales bought it, but many other holders were sold to lock in profits. Two things clearly show this:
• Profit Supply Rate: On September 1st, approximately 85.6% of all XRP holders benefited. By September 7th, it had risen to around 93.4%. When most owners are profiting, many feel they don’t want to sell.
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•Hodl Waves: How long is a Hodl Waves group coin held (short, medium, long). If the HODL band is reduced, it means that the group has sold it. Holders for three to six months fell from about 9.05% of supply to 6.12%. Owners for a week to one month fell from about 7.68% to 2.61%. This indicates that short-term and medium-term holders are being sold to Bounce.
This means that whales added a lot and increased the price of XRP, which many smallholders sold and slowed the rally. So the rise is not yet aggressive.
XRP Price Levels and Bearish Pattern Breakout
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The XRP price is currently trading at nearly $2.88 and holds support over $2.85. The next resistance levels are $2.94 and $3.10. A clean movement over $3.35 will completely bullish the structure.
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The key shifts are the chart patterns. For several weeks, XRP was traded in a falling triangle. This is a bearish setup where sellers push prices down to flat support. The triangle was at risk of breakdowns of less than $2.69. Instead, XRP turned upwards and abandoned the bearish pattern.
That’s not completely bullishing XRP yet, but that means there’s no major downside risk for now. As long as XRP is above $2.85 and $2.69, the broader three-month uptrend remains. If you make a profit, the whale can turn even more upside down.
However, if whales purchases slower and profits start dumping more, then a critical support of $2.69 could be at risk. A clean dip at this level can negate short-term bullishness.
