XRP Finds Support as Korean Buyers Step In, Despite Market Sell-Off

XRP came under pressure late last week, sliding 4.3% from $3.02 to $2.89 between Aug. 28–29 amid heavy volumes before stabilizing near key support levels. While retail selling accelerated, on-chain data suggests South Korean exchanges absorbed roughly 16 million XRP (≈$45.5 million), signaling regional institutional demand.

South Korea, long known for its outsized role in altcoin trading via the so-called “Kimchi Premium,” appears to be stepping in to offset global outflows. Large wallets linked to local exchanges and institutions were seen accumulating as XRP tested support, contrasting with broader distribution signals such as $200 million worth of DOGE flowing into Binance wallets.

XRP Ledger activity also accelerated, with active addresses jumping 20% in the days leading up to the Sept. 12 Decentralized Media launch. Separately, Chinese fintech giant Linklogis integrated its trillion-dollar supply chain platform with the XRP Ledger, driving a 23% gain in its equity and highlighting ongoing enterprise adoption.

Price Action
XRP traded in a wide $0.17 range, dipping to $2.77 on Aug. 28 as volumes spiked to 96.19 million—more than double the daily average. Buyers quickly emerged around $2.85–$2.86, helping prices rebound toward $2.89 by midday Aug. 29, with intraday highs touching $2.91 on a late 19.6 million volume burst.

Technical Picture

• Support: $2.77 remains the key base; $2.85–$2.86 now looks like a fresh accumulation zone.
• Resistance: $2.91 marks a short-term barrier, with $3.02–$3.04 acting as the main ceiling.
• Momentum: RSI bounced from 42 into the mid-50s, showing recovery from oversold conditions.
• MACD: Histogram signals are tightening, suggesting a potential bullish crossover.
• Patterns: Symmetrical triangle and double-bottom setups are consistent with a larger cup-and-handle formation that some analysts believe could extend toward $5–$13 longer term.

Key Watchpoints

• Whether $2.85–$2.86 support holds under renewed selling pressure.
• A decisive break above $3.02–$3.04, which could open a path toward $3.20.
• Downside risks if $2.77 fails, exposing $2.70 as the next support.
• Institutional buying on Korean exchanges and corporate adoption trends remain critical for sustaining momentum into September’s event-driven calendar.