- XRP price fell to $2.72, breaking below a key support level at $2.85.
- A bearish head-and-shoulders pattern and fading momentum signal further downside risk.
- Analysts warn that XRP could test $2.62 and $2.55 if bearish pressure continues.
- Despite declines, whales accumulated 340 million XRP in the past two weeks, suggesting long-term confidence.
- Broader crypto weakness in September is adding to XRP’s struggles.
A Difficult Start to September for XRP
XRP has entered September on a negative note, dropping 4.6% in 24 hours to around $2.72, slipping to 4th place in market rankings. This decline follows a difficult August, where repeated tests of the $2.85–$2.90 support range ended in failure.
Breaking below $2.8 confirmed a deeper technical breakdown, with analysts pointing to weakening bullish strength. Many have flagged a bearish divergence that has persisted since XRP’s all-time high of $3.65 in July, further amplifying concerns.
Technical Weakness Points to More Losses
XRP’s recent price action is showing signs of exhaustion. Analysts highlight:
- Bearish divergence since July highs.
- Failure to maintain $2.9 as a critical support.
- Formation of a head and shoulders pattern in late August, typically signaling a trend reversal.
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If selling continues, XRP risks further downside toward $2.62 and $2.55.
Broader Market Pressures: The “Red September” Effect
XRP’s decline is not happening in isolation. Bitcoin (BTC) and Ethereum (ETH) also posted small losses on September 1, reinforcing the long-standing trend of September being historically weak for cryptocurrencies.
This seasonal weakness, often called the “Red September” effect, is combining with XRP’s technical challenges to keep sentiment muted.
Whale Activity Provides Hope
Not all signals are bearish. According to data shared by crypto analyst Ali Martinez (@ali_charts), whales accumulated 340 million XRP in the last two weeks. This suggests that significant investors are using the dip to strengthen their positions, reflecting long-term confidence in the asset.
While whale activity has not reversed the immediate decline, it provides a counterweight to bearish sentiment. Some analysts believe this accumulation could set the stage for a recovery once broader market conditions stabilize.
Will XRP Keep Falling?
The short-term outlook for XRP remains cautious. Technical patterns suggest more downside, but accumulation by whales indicates smart money is preparing for a rebound.
If XRP manages to reclaim the $2.9 resistance zone, it could restore bullish momentum. However, failure to do so may extend the correction toward $2.55.
For investors, this could be a make-or-break month for XRP, balancing between bearish technicals and bullish whale confidence.