• • Trading at $2.96 (-5.45%) with a market cap of $176.35 billion and trading volume of $6.35 billion

• • 94% of the XRP supply is currently profitable - a common warning sign before corrections in 2018/2021

• • The price is forming a descending triangle pattern after rising above $3, indicating accumulation before the next major move

Market catalysts

• • Ripple's settlement with the SEC has increased regulatory clarity, encouraging institutional interest

• • Significant increase in adoption in Latin America, with XRP outperforming Ethereum on the Bitso platform

• • Futures trading volume rose by 208% to $12.4 billion, indicating strong positioning by speculators

• • The NUPL index enters the 'validation-denial' zone, indicating a potential upcoming profit-taking

Trading considerations

• • Major support at $3.05; if broken, it may target $2.39 (-23.5%)

• • Resistance at $3.25; if breached, it may retest $3.50

• • Conservative approach: Part of profit-taking near the important psychological level of $3

• • Long-term bullish traders: Considering gradually entering positions during the drop to the $2.85-$3.00 range

• • Options traders are preparing for moves after September amidst expectations of increased volatility

Dominant sentiment in the community

• • Binance sentiment: 76% bullish vs. 24% bearish

• • Increasing concerns about overbought conditions despite institutional interest

• • The debate revolves around whether the current accumulation is a buying opportunity or a signal for an upcoming correction