XRP is currently trading near $1.37, down 0.6% over 24 hours and 8.2% over the past week, as the token grinds through a second week of consolidation after August's rally news faded. The correction has left traders with a crucial question: whether the $1.30-$1.35 support shelf holds or faces further unwinding. As per latest analysis, the move traces back to a broken falling wedge pattern and wave of legislative optimism, with President Trump pushing Congress on the CLARITY Act during a White House crypto meeting featuring Ripple's Brad Garlinghouse. The Senate then moved toward a scheduled cloture vote, creating regulatory optimism that initially fueled the rally. However, leveraged shorts were caught wrong-footed, triggering a squeeze that turned the rally into a danger zone once buyers failed to defend the $1.50-$1.55 area. The last 48 hours have been dominated by a post-rally pullback narrative, with heavy Binance sell-side volume and hawkish Jackson Hole commentary pressuring the token down 8% in a single week.
XRP has witnessed a significant uptick in market activity, with its 24-hour trading volume reaching approximately $3 billion on Sunday, as reported by multiple sources. Despite this surge in trading volume, XRP's price has retreated to around $1.37, creating a surprising dynamic of rising demand but falling price. Analysts suggest that after XRP's recent rapid rally, some investors opted to take profits while leveraged long positions were liquidated, amplifying short-term selling pressure. The week ending August 30 recorded cumulative net inflows of approximately $110 million for US spot XRP ETFs, representing the highest weekly figure since 2026. This divergence between trading activity and price performance has prompted many investors to re-evaluate XRP's current valuation and future trajectory, with recent XRP long positions totaling approximately $48 million further heightening market interest.
The Bitwise XRP ETF has reached a significant milestone, holding approximately 365.35 million XRP worth $507.23 million as of August 30, according to the fund's official data. This represents a sharp increase from June 30 when the fund held 286.84 million XRP and reported $299.15 million in net assets, with holdings increasing by approximately 78.5 million XRP between quarter-end and August 30. The NYSE Arca-listed product had 32.71 million shares outstanding and charged an expense ratio of 0.34%, with Coinbase Custody Trust holding the fund's XRP and Bank of New York Mellon serving as trust custodian and administrator. The latest total represents a significant increase from June 30, when the fund held $299.15 million in net assets despite a $176.61 million decrease from operations, with most of that reduction attributed to XRP falling from $1.82 to $1.04 during the period.
XRP's technical indicators present a mixed picture, with the Relative Strength Index standing near 60.6 on the daily chart, indicating that positive momentum remains above the 50-level, though it has fallen from recent overbought conditions. The Moving Average Convergence Divergence (MACD) line stood near 0.0834, slightly below its signal line around 0.0851, while the histogram was marginally negative, suggesting that the bullish momentum behind the August recovery is fading. The immediate support range sits between $1.30-$1.35, with holding this area preserving the sequence of higher lows established during the August rebound. A daily close below this support would weaken the short-term structure and expose lower support near $1.27. The first major resistance range is between $1.50-$1.60, with XRP needing to reclaim that zone before another test of $1.70 becomes more credible. Analyst Ali Martinez has placed XRP's next target at $1.70 after calling resistance cleared this week, though price had already moved back below the breakout area by reporting time.
XRP experienced a 72% rally last week, hitting highs around $1.70 before a correction to test support at $1.37 earlier this week, raising questions about its next move and creating mixed signals for investors. The token currently trades at approximately $1.37, down 0.6% over 24 hours and 8.2% over the past week, following a dramatic round trip from around $0.99 to $1.70. The correction over the last three days was driven mainly by profit-taking and significantly overheated market conditions. XRP remains 25.9% up over 30 days following its recovery from the $1 area but remains 56% below its 52-week high of $3.18 and well off its all-time peak of $3.65 from July 2025. The best case would need XRP to reclaim $1.50-$1.60, opening a path toward $1.70, especially if ETF flow data keeps surprising to the upside. However, the most likely scenario is a continued chop between $1.30-$1.35 while the market digests macro signals. The bulls don't want a clean break below $1.30-$1.35, which would expose $1.27 as the next line of defense.
