XRP is currently trading at $2.87 as market participants analyze a developing symmetrical triangle pattern, which signals potential price movement. During recent trading sessions, XRP reached a high of $2.92 but encountered resistance that prevented further upward movement.
The price appears to be consolidating between a crucial support level at $2.76 and resistance at $2.95. Trading volume surged to 3.52 billion during this recent rally, reflecting heightened institutional interest in the cryptocurrency.
Attention is turning to the Federal Reserve’s upcoming meeting on September 17, where a 25-basis-point rate cut is anticipated with a 99% probability, according to futures markets. Such a monetary policy adjustment could bring additional liquidity to the cryptocurrency markets, potentially benefiting tokens like XRP.
The technical structure of XRP reveals a symmetrical triangle formation that has developed since late August, characterized by higher lows throughout September. The 50-day exponential moving average is currently positioned at $2.82, while the 200-day EMA lies at $2.88, creating a significant decision point for the cryptocurrency’s next major move.
In terms of technical indicators, the Relative Strength Index (RSI) registers at 58, indicating neutral-to-bullish momentum without entering overbought territory. Additionally, MACD indicators are converging toward a potential bullish crossover, which supports the current accumulation thesis. Recent candlestick patterns indicate indecision followed by strong bullish closes; this behavior often precedes breakout movements in established triangle formations.
Should XRP sustain a movement above $2.95, targets of $3.04 and potentially $3.30 could be in sight. Conversely, if the price drops below the $2.76 support level, sentiment may shift bearish, with downside targets projected at $2.70 and $2.63. Market analyst Dark Defender has pinpointed $3 as a critical resistance level, based on historical price action where this level has posed significant challenges during previous rallies.
In an encouraging development for the XRP community, whale activity has revealed the strongest net position change in two years, with large holders accumulating 1.7 million tokens over the past month. This increasing institutional confidence in the asset is further supported by the Network Value to Transactions ratio, which has recently climbed to a two-month high, suggesting that network value growth is outpacing transaction volume—a key indicator that often precedes momentum shifts in price.
Whale tracking services also report that around 340 million XRP has been accumulated in recent weeks. Consistent large-scale buying activity may provide critical support for the current consolidation range between $2.86 and $2.95.
In summary, XRP’s symmetrical triangle pattern and favorable technical indicators suggest a bullish outlook, bolstered by whale activity. The forthcoming Federal Reserve rate decision could act as a catalyst, potentially driving XRP through key resistance levels. Until then, the cryptocurrency appears to be in accumulation mode, with ongoing whale activity reinforcing the $2.76-$2.95 trading range as traders await a definitive directional move.
