- XRP price is in a symmetrical triangle; $3.26 breakout may propel price to $3.90.
- Whale wallets picked 120M XRP as price fell close to $3.10 support.
- XRP price is trading above a key $3.07 fib level and showing solid midrange support.
XRP price is shaping a symmetrical triangle chart pattern on the current chart with crucial breakout around $3.26. Analysts and traders are following closely this level, since a break underneath is likely to send the price down towards $3.90. On-chain data also indicates big holders adding to positions.
Symmetrical Triangle Suggests XRP Price Consolidation Before Breakout
XRP price is at a symmetrical triangle, a technical figure found by converging support and resistance lines. The upper trendline is downwards sloping and lower trendline is upward. These lines indicate that the range in price is getting thinner and at the time of the resolution of the pattern there is a breach in most cases.
On August 15, XRP price trades at approximately $3.10. This is a little bit above the 0.382 level of fibonacci retracement at $3.0712; this means that there is still support. Any break above the price of $3.26 which coincides with the Fibonacci 0.618 level might cause a powerful increase. The next resistance levels are $3.40, $3.60, and $3.87. These levels align with the 0.786, 1.0, and 1.272 Fibonacci zones respectively.
Source: Ali Chart/X
Analysts expect the pattern to resolve before early September, with the triangle’s apex projected around August 28 to 30. A rise in trading volume near this point could confirm the breakout direction. If the price fails to hold the $3.07 support level, XRP price may revisit $2.94 or $2.76, although current signals favor a move higher.
On-Chain Accumulation by Large Holders Supports Bullish Setup
The wallets that contain an amount in the range of 1 million to 10 million XRP have accumulated more even in the current price drop. Between August 6 and 9, the price of XRP increased by $0.46 or $15.782 due to the prices climbing to the value of $3.40 based on previous values of $2.94. Large wallet holdings were also other increases during this time. It indicates that part of the investors might have expected the action.
The data Wallets on August 10, and 13 would indicate that the wallets maintained positions in a period of consolidation in a range between prices $3.15 and $3.30. Such continuous holding action can be a sign of confidence in the asset. During the period August 14 and 15, when the price reduced to near $3.11, the big wallets again augmented their possession.
Source: Ali Chart/X
Ali Chart, a market analyst known on social media as reported that “120 million XRP was bought up by whales on the dip.” This increase in accumulation near the $3.10 level supports the view that buyers are stepping in at key support.
If accumulation continues and XRP price maintains its position above the $3.07 support, the chances of a breakout remain strong.
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