XRP surged from $1.00 to $1.70 in 72 hours after an August 19 breakout, but a violent rejection pushed it below $1.40. Whale accumulation of 400 million tokens reversed, with 90 million XRP sold in the past week as profit-taking emerged. Daily active addresses plunged over 90% from the rally peak, signaling declining participation. Critical support sits near $1.35, where 2.29 billion tokens were previously traded. Separately, analyst Celal Kucuker noted XRP trades 12% below its 50-day moving average—the same condition that preceded its previous all-time high rally—and suggested a potential 600% move if the descending channel breaks to the upside.
XRP experienced a sharp rally after its August 19 breakout, climbing from the key psychological support at $1.00 to a multi-month high of $1.70 within 72 hours. The subsequent rejection was violent, causing the token to lose several crucial support levels including $1.60, $1.50, and $1.40.
On-chain data shared by analyst Ali Martinez indicates that whale activity, which had driven the breakout with roughly 400 million tokens accumulated in a week, has reversed. Martinez noted that the pullback appears driven in part by profit-taking, with whales selling or redistributing about 90 million XRP over the past week. According to Martinez, daily active addresses have plunged over 90% from the rally peak of 388,492 to just 38,163, signaling a significant drop in participation during the correction.
Martinez added that XRP has found critical support near $1.35, where 2.29 billion tokens were previously traded. If the asset maintains that level, it could rebound toward $1.60 or even $1.68.
Another analyst, Celal Kucuker, offered a different perspective. Kucuker stated that “the previous ATH rally started when XRP was 12% below the 50-day moving average,” and that XRP is at the same point now. Kucuker predicted that if the 13.55% descending channel breaks to the upside, a 600% move could begin based on Fibonacci equality. Should that occur, it would push XRP above $9, more than double its current all-time high.
