September began with a decline for XRP, capturing the attention of traders and analysts. Failures to maintain key support levels create uncertainty in the market.
September's Start for XRP
XRP started September on a negative note, dropping to around $2.72. This is linked to a breach of key support levels following a series of declines in August that caused trader caution. Indicators show XRP struggled to hold above $2.85, adding to the uncertainty, and its 24-hour decline of 4.6% pushed it down to 4th place in market rankings.
Future of XRP
Analysts point out that XRP may be nearing the end of its latest bullish cycle. The emergence of a head and shoulders pattern in late August is often expected in trend reversals. Failures to clear the $3 threshold in late August further solidify concerns about potential declines. The drop below $2.8 confirms the likelihood of a deeper breakdown, targeting levels at $2.75, $2.62, and $2.55.
Whale Activity
Despite current difficulties, data indicate that large XRP holders are actively accumulating tokens. Recent figures reveal that whales accumulated 340 million XRP over the past two weeks, suggesting confidence in the asset's long-term outlook. Although this accumulation hasn't offset the immediate price decline, it indicates that significant investors continue to see value at current levels.
While XRP faces pressure, several analysts remain optimistic about a potential recovery if the market stabilizes. Recent activities of large holders may also point to a potential reversal from the decline.
