TL;DR

XRP retests early August support as analysts forecast a bullish Wave 5 rally this quarter. Korean exchanges absorb $45M XRP during dip, suggesting strong demand from institutional desks. XRP Ledger activity surges 20% ahead of September’s Decentralized Media event and enterprise growth.

Price Returns to August Levels as Key Pattern Forms

XRP is trading near an important support zone, with traders watching for signs of direction. Analysts are weighing two key scenarios: either a continued rebound or a deeper pullback in early September. Market structure, on-chain activity, and regional demand are all being considered as the final quarter of the year approaches.

Charting Guy, a crypto market analyst, pointed out that XRP has returned to the same level it traded at in early August. He noted that this area, around $2.70–$2.75, has been a strong zone of support. The move also matches the 0.618 Fibonacci retracement level from the last major rally.

$XRP BACK AT EARLY AUGIST LOWS ✅✅✅✅✅✅✅✅✅✅✅✅✅

for the reply guys in the back saying i’ve been getting things wrong lately i literally said we would likely revisit early August lows around this time. sorry you all can’t keep up with my updates!

okay, now. my… https://t.co/cWggbhLsLM pic.twitter.com/pMluNAJqn2

Notably, the price is holding along the lower boundary of a long-standing ascending channel that has been active since April. On his chart, the recent dip is marked as Wave 4 in a larger five-wave move. A fifth-wave rally is projected if the support level holds. Expected levels for a move higher are $4.16, $4.63, and $5.39.

Charting Guy also described a second scenario. He warned that the market could form a short-term bearish pattern before rebounding quickly. He added,

“A bear trap is possible in early September, followed by a fast reversal.”

Short-Term Resistance Remains Below $2.94

Another analyst, CryptoWZRD, said that XRP is trading below the $2.83 level and called recent price action “choppy.” The next support sits near $2.64, while a breakout above $2.94 may set up another move to the upside. A close above this resistance could allow for a long position.

Both XRP and XRP/BTC showed slight daily declines, continuing to follow Bitcoin’s broader trend. Weekly and monthly charts showed indecision. The market is now watching how sentiment may shift after the upcoming economic data from the U.S., including the Non-Farm Payroll report.

CryptoWZRD also mentioned that Bitcoins falling dominance could benefit XRP/BTC, which may give Ripples token room to rise if BTC remains steady.

Large Buyers Step in During Market Drop

On-chain data showed that Korean exchanges absorbed around 16 million XRP, valued at approximately $45.5 million, during the recent drop. Analyst Ali noted that XRP “must hold above $2.77 to avoid a retracement to $2.40.” This activity points to institutional buying while retail traders have been reducing exposure.

South Korean platforms are known for driving sharp moves in altcoins. This behavior, sometimes referred to as the “Kimchi Premium,” shows how local demand can push markets faster than global averages. The recent buying may help form a base around current prices.

Activity on the XRP Ledger has also increased. Active wallet addresses rose by 20% over three days leading into the planned Decentralized Media launch on September 12.

At the same time, Chinese tech firm Linklogis integrated XRP Ledger into its platform, reporting a 23% increase in its equity. Data from Messari confirmed that XRPL closed Q2 with a record $131.6 million in real-world asset value.