Institutional buyers drive August Rallye with $ 3.8 billion-can technical support increase to USD 3.66 at USD 3.02?

Institutional buyers drive August Rallye with $ 3.8 billion-can technical support increase to USD 3.66 at USD 3.02?

XRP: Institutional buyers and the August rally

In August 2023, the digital asset market experienced a remarkable rally, significantly influenced by institutional buyers who invested a total of 3.8 billion US dollars in so-called "whale batteries". This massive collection of XRP by institutional investors is a clear sign of the growing interest in cryptocurrency and could be crucial for your further course of the course.

Technical analysis: Support at $ 3.02

A central topic for investors from XRP is technical support at $ 3.02. This brand could act as a crucial turning point to drive the price towards $ 3.66. Technical analyzes show that such support often offers the basis for future price movements. If the courses stay above this support, this could strengthen the trust of the investors and create a positive market mood.

Conclusion

August 2023 was a crucial month for XRP, especially through the significant investments of institutional buyers. The question of whether technical support can pave the way for further price gains towards $ 3.66 at $ 3.02 remains exciting. Investors should observe the developments closely to react to possible changes in the market.