XRP Price: Can It Breach Key $3.29 Resistance?
XRP Price Rally Hinges on Overcoming $3.29 Resistance
The XRP price is currently trading at $3.03, a slight 0.7% dip in the last 24 hours. After weeks of sideways movement, down 2.6% over the past week and a modest 1.4% loss for the month, XRP's next significant price surge depends on breaking through a critical resistance barrier.
Whale Activity Suggests Accumulation
On-chain data reveals significant accumulation by large XRP holders. Wallets containing between 10 million and 100 million XRP have increased their holdings.
- August 16: These wallets held approximately 7.51 billion XRP.
- August 24: Holdings increased to 7.76 billion XRP.
This translates to roughly $758 million worth of XRP added in a single week, indicating strong confidence among large investors. While this buying pressure has absorbed some selling, XRP has yet to break through the primary resistance zone.
$3.26–$3.29: A Stiff Resistance Zone
The Cost Basis Distribution Heatmap pinpoints a heavy supply cluster between $3.26 and $3.29. Over 1.05 billion XRP have been accumulated within this range.
This zone has consistently capped XRP's upside attempts since early August. Overcoming this resistance is crucial for further price appreciation.
Key Levels to Watch
Fibonacci extensions reinforce the importance of the $3.29 level, aligning with the 0.786 retracement line. A decisive break (candle closing above) this level could trigger the next rally. Immediate upside targets include:
- $3.43
- Previous all-time high of $3.65
- Potential push toward $3.84
A similar breakout in early August saw XRP jump from $2.90 to $3.33. A repeat performance could push XRP towards the $3.29 barrier. However, failure to break through could see the price test support at $2.78, invalidating the bullish outlook.