Despite recent XRP price drops, new blockchain developments and promising technical indicators signal potential bullish momentum. Explore key signals to monitor for a possible uptrend.
Despite a 5.4% drop over the past 24 hours and more than 10.3% last week, XRP appears to be showing signs of recovery. While massive whale outflows and short-term selling pressure have weighed on the price, a deeper analysis reveals encouraging trends.
Indeed, the expansion of XRP’s acceptance network with 6,500 American pharmacies now ready to accept XRP payments via Wellgistics illustrates the cryptocurrency’s real-world utility. Moreover, even before this news fully takes effect, key blockchain metrics and technical analysis send a clear message : XRP’s bullish trend is not yet broken.
On August 17, XRP’s supply in profit percentage fell to 93.53%, the lowest level in nearly two weeks. This decrease of almost 5 percentage points from the August 7 peak of 98.26% indicates that fewer holders are sitting on substantial unrealized gains. Such a situation often precedes a slowdown in profit-taking, paving the way for a potential rebound.
Furthermore, wallet behavior corroborates this dynamic. According to Glassnode’s HODL Waves, the 1-to-3-month holder cohort strongly increased after XRP reached its August low of $2.77. This nearly 4 percentage point rise in this category of holders reveals growing conviction among recent buyers, often a harbinger of a trend reversal.
Examining the daily chart, XRP’s price is still evolving within an ascending triangle, a bullish technical pattern. The price currently sits between $2.96 and $3.08, just above the triangle’s base.
Key price levels :
If XRP closes below $2.95, the ascending triangle risks a breakdown, but a complete bearish reversal would only occur if support at $2.72 were breached.
Nevertheless, a liquidation through the bottom of the channel would actually be more bullish for the token in the long term. This would flush out late longs and provide bullish confluence for a rebound.
In this context, it would be interesting to wait for a daily RSI in oversold territory in the coming weeks before jumping into XRP. But if XRP maintains above $2.96, then it could seek higher levels.
Despite XRP’s recent decline, analysis of on-chain indicators, investor behavior, and technical structure suggests that the bullish trend isn’t yet broken. However, with the current market trend showing Bitcoin seemingly pointing downward, XRP could fall back to $2.10 in the coming weeks.
A drop to $2.11 would be an opportunity for savvy investors. Indeed, XRP still has $5 in sight for 2025. Buying at $2.11 would therefore offer a potential return of more than 150% in the coming months.
Here’s how to take advantage of this on Bitget exchange right now :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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