XRP News Today: Whales Amass XRP as Market Waits on Key Support Break

Whales and institutional investors are accumulating significant amounts of XRP, according to on-chain data, signaling a potential buildup ahead of a possible market rebound. In the past two weeks alone, whale addresses have added over 340 million XRP tokens, as noted by crypto analyst Ali Martinez in an August 31 post. This activity reflects a strategic move by deep-pocketed investors to position themselves for potential upside in the asset, despite its recent underperformance and broader bearish market conditions.

The current price of XRP hovers around key support and resistance levels that could determine the next phase of its price trajectory. Analysts highlight $2.76 as a critical floor, having acted as a recurring support level in the past month. If this level holds, XRP could see a recovery attempt toward $3.20 and eventually $3.60, where previous selling pressure has stalled rallies. A breakdown below $2.76, however, could expose the token to further declines toward $2.57. The token is currently trading at $2.82, having risen 1% in the last 24 hours, though it remains down 6.2% on a weekly basis.

From a technical perspective, XRP is trading below its 50-day simple moving average (SMA) of $3.11 but remains above the 200-day SMA of $1.98, indicating a mixed short- and long-term outlook. The 14-day relative strength index (RSI) is at 41.77, suggesting fading momentum and a potential oversold condition. These indicators highlight a market in consolidation, with key levels likely to dictate near-term direction.

At the same time, the broader crypto market remains uncertain about the value proposition of XRP. On-chain investigator ZachXBT recently criticized XRP holders, labeling them as primarily providing “exit liquidity” for early insiders rather than contributing tangible value to the industry. He also extended his critique to Cardano, Pulsechain, and Hedera, describing them as projects resembling multi-level marketing (MLM) schemes that benefit early adopters at the expense of later investors. These remarks underscore ongoing skepticism about whether XRP and similar altcoins serve a broader utility beyond speculative trading.

Recent activity by Ripple co-founder Chris Larsen has further fueled these concerns. Between July 17 and 24, wallets linked to Larsen moved 50 million XRP—valued at approximately $175 million—with a significant portion sent to exchanges, a move commonly interpreted as cashing out. This occurred around the time XRP reached $3.60 before declining to under $3.10, raising questions about the alignment of insider actions with broader market outcomes. Similar movements were observed in January, when over $109 million in XRP was transferred from a wallet associated with Larsen to exchanges.

Despite the criticism, XRP continues to show signs of growth. The resolution of the SEC lawsuit has removed a major overhang, while optimism around the potential approval of a spot XRP ETF remains a key catalyst. Several asset managers, including Grayscale, Bitwise, CoinShares, and WisdomTree, have updated their ETF filings for XRP-based products. Analysts view these developments as positive, though final approval is still pending. Additionally, new product launches, such as the XRP rewards credit card, are aimed at driving mainstream adoption and expanding the use case for the token.

Source: [1] Here's XRP's new support to watch after whales acquire ... (https://finbold.com/heres-xrps-new-support-to-watch-after-whales-acquire-340-million-tokens/) [2] XRP Community “Not Worth Supporting,” Says Crypto ... (https://coinpedia.org/news/xrp-community-not-worth-supporting-says-crypto-sleuth-zachxbt/)