XRP is down 5.4% in the last 24 hours, and over 10.3% this past week, moving in sync with the broader market correction. Whale exits and short-term sell pressure have taken a toll. But beneath that surface, something is changing.
With 6,500 US pharmacies now accepting XRP for compliant payments through Wellgistics, utility is getting a real-world boost. And even before that news fully kicks in, key on-chain and chart metrics are flashing one message: XRP’s trend isn’t broken yet.
Percent Supply in Profit Drops; But That’s Historically Bullish
On August 17, XRP’s Percent Supply in Profit stood at 93.53%, the lowest in nearly two weeks. For context, just ten days earlier, on August 7, the same metric had reached its peak at 98.26%.
That’s a clear drop of nearly five percentage points, and it typically signals that fewer holders are sitting on massive unrealized gains.
This is important because when less of the network is in heavy profit, profit-taking slows. On August 5, a similar drop in this metric (94.75%) triggered a jump from $2.97 to $3.32 for XRP in just two sessions.
It repeated on August 11, when a dip to 94.37% preceded a rally from $3.13 to $3.27. With today’s levels near the fortnightly low, the setup for another short-term bounce is here.
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Short-Term Wallets Are Accumulating the Dip
Backing this up is wallet behavior. According to Glassnode’s HODL Waves, the 1-month to 3-month holding cohort has spiked notably after XRP hit its August low of $2.77.
On August 1, the 1m–3m cohort made up just 5.81% of the XRP supply. By August 17, this jumped to 9.28%. This shift tells us that recent buyers are holding, not dumping — and they’re doing it despite volatility and the whale selling narrative.
This kind of behavior usually shows growing conviction. These short-term holders are stepping in during corrections, a pattern that tends to front-run trend reversals. The last time this group grew this quickly, XRP’s price saw sustained upward momentum within a week.
XRP Price’s Bullish Structure Still Intact, But Watch These Levels
Zooming out to the daily chart, the XRP price is still holding inside an ascending triangle — a bullish continuation pattern. Price is currently hovering around $2.96–$3.08, just above the triangle’s base.
Here are the key zones to watch:
- Resistance: $3.15, $3.33, $3.55, and $3.66
- Support: $2.95 (short-term), and $2.72 (final invalidation)
The $3.33 resistance level is easily the strongest, as the XRP price has been rejected at this level quite a few times over the past few days.
If XRP closes below $2.95, the ascending triangle risks a breakdown, but not a full bearish reversal until $2.72 breaks.
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