Bitwise moved $15.4 million of XRP off exchange supply on Aug. 29, extending a two-week institutional buying streak even as the token's price momentum faded. XRP traded at $1.39, down 2.4% on the day, with technical indicators pointing to further consolidation between $1.2394 and $1.4443.
Bitwise moved $15.4 million of XRP off exchange supply on Aug. 29, extending a two-week institutional buying streak even as the token's price momentum faded.
"Until we see price reclaim key averages and a clear break above $1.4027, I stay defensive and avoid premature upside bets," Anton Kharitonov, expert at Traders Union, said.
XRP traded at $1.39, down 2.4% on the day, sitting below its 20-day moving average at $1.3947 and 50-day average at $1.4191 while holding above the 200-day level at $1.2764, according to Traders Union data. The relative strength index at 38.53 points to further weakness, with the Ichimoku Kijun marking immediate resistance at $1.4027. Bitwise's latest purchase, tracked by Whale Insider, follows steady daily inflows into XRP exchange-traded funds over the past two weeks, with all existing funds recording net additions.
The token is expected to consolidate between $1.2394 and $1.4443 over the next two to three days, with Traders Union assigning a 33 percent probability of an upward move against 67 percent for a decline. The SEC declared Evernorth Holdings' Form S-4 registration effective Aug. 27, advancing a potential Nasdaq listing and the creation of a $1 billion XRP treasury, with a shareholder vote on the merger still ahead. A break above the Kijun resistance would open the door to renewed upside, while losing the lower boundary of the projected range could extend losses toward the 200-day average.
The divergence between institutional accumulation and fading price momentum mirrors a pattern across the broader altcoin market, where Bitcoin's dominance has kept capital concentrated in the largest token even as inflows into XRP and other digital assets persist. XRP still holds the largest monthly gain among major tokens after weeks of volatility, according to market data. The sustained ETF inflows suggest institutional buyers are treating the pullback as an accumulation window rather than an exit signal, even as speculative trading outweighs demand in the spot market.
For XRP, the outcome of the Evernorth shareholder vote and the token's response near the $1.24 support will determine whether the two-week buying streak translates into a sustained rally or merely cushions a deeper pullback. A successful Nasdaq listing would give institutional investors a regulated public vehicle for XRP exposure, potentially tightening the supply available on exchanges and reinforcing the price floor.
This article is for informational purposes only and does not constitute investment advice.
