XRP News Today: Whale Move to Coinbase Sparks Battle for XRP's Survival Below $2.35

XRP, the digital asset issued by Ripple, is currently at a pivotal juncture in its price action, with analysts and market observers closely monitoring its ability to defend key support levels. On September 3, a massive transaction of 35,122,576 XRP, valued at approximately $99 million, was transferred from an unidentified wallet to Coinbase, according to Whale Alert. Historically, such whale activity has been associated with potential offloading of holdings, often leading to increased selling pressure and a downward price trajectory [1].

Currently, XRP is trading around $2.87, with a 24-hour gain of approximately 2% but a weekly decline of 4.6%. The 50-day Simple Moving Average (SMA) is at $3.09, a level above the current price, indicating short-term weakness. In contrast, the 200-day SMA is at $2.48, and XRP remains above this longer-term benchmark, suggesting an ongoing upward trend despite the recent pullback. The 14-day RSI stands at 45.16, placing it in neutral territory but with a slight bearish tilt, hinting at the need for cautious positioning [1].

Technical analysis by cryptocurrency analyst Ali Martinez highlights a critical support level at $2.74. XRP has formed a descending triangle pattern, with repeated rejections along a downward trendline and progressively lower highs. Martinez warns that a breakdown below this level could signal the next major downside target of $2.35. Furthermore, Fibonacci retracement levels reinforce this bearish outlook, identifying $2.62 and $2.56 as intermediate support zones prior to the key $2.35 level [1].

In addition to short-term bearish signals, longer-term technical indicators suggest that XRP may still hold potential for upward movement. For instance, bullish momentum is being signaled by the MACD, which shows a mild positive tilt. The RSI, at 51.79, remains in neutral territory, suggesting consolidation rather than overbought conditions. These indicators are being interpreted by some analysts as signs of a potential breakout, although the timing and magnitude of such a move remain uncertain [3].

Meanwhile, some market participants, such as analyst EGRAG CRYPTO, have projected more optimistic scenarios for XRP. According to EGRAG’s "Bermuda Triangle" thesis, XRP could see a long-term price evolution reaching as high as $27. However, such forecasts are contingent on broader market conditions and a significant shift in investor sentiment. In the near term, the focus remains on whether XRP can maintain a stable price above $2.35, which is currently a critical threshold. A sustained break below this level could trigger further sell-offs, particularly in the context of increased bearish momentum from whale movements and technical indicators [3].

Source:

[1] XRP under threat of crashing to $2.35 as $100 million moves to Coinbase (https://finbold.com/xrp-under-threat-of-crashing-to-2-35-as-100-million-moves-to-coinbase/)

[2] XRP under threat of crashing to $2.35 as $100 million moves to Coinbase (https://www.mexc.com/en-GB/news/xrp-under-threat-of-crashing-to-2-35-as-100-million-moves-to-coinbase/83659)

[3] XRP Holds $2.35 as Chart Signals Hint at Breakout, EGRAG Sets $2.65 Target (https://cryptorank.io/news/feed/9aeb6-xrp-egrag-breakout-targets-chart-analysis)