XRP is trading near $1.42, up 1.1% over the past 24 hours, as progress toward Evernorth Holdings' Nasdaq listing and continued inflows into spot XRP exchange-traded funds (ETFs) support the token. The cryptocurrency has gained 8.7% over the past week, though it has pulled back from an intraday high near $1.47, according to CoinGecko data.
The immediate focus for traders is the $1.45-$1.47 resistance zone, which has capped multiple recovery attempts. After dipping to a low near $1.37 on Aug. 27, buyers stepped in and pushed the price back above $1.40, setting up a test of that overhead supply.
Evernorth merger moves forward
The primary XRP-specific catalyst is Evernorth Holdings, whose proposed merger with Armada Acquisition Corp. II has cleared a key regulatory hurdle. The U.S. Securities and Exchange Commission (SEC) declared the Form S-4 registration statement effective, allowing the transaction to proceed toward a shareholder vote scheduled for Sept. 30.
If approved, the combined company is expected to list on Nasdaq under the ticker XRPN. Evernorth, backed by Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital, plans to operate as an actively managed XRP treasury. The company intends to hold XRP while deploying capital across the ecosystem, including infrastructure, yield opportunities, and capital markets activities. This adds another potential source of institutional demand for the token.
ETF inflows continue
Demand from U.S. spot XRP ETFs has provided additional support. SoSoValue data shows these products recorded another session of net inflows on Aug. 27, extending a multi-week streak without a daily net outflow. This persistent buying interest has helped XRP weather the correction that followed last week's rally, when the token briefly approached $1.67 on Aug. 22 before falling to $1.37.
The pullback was driven by profit-taking and the unwinding of leveraged positions after XRP had surged more than 40% at its peak. With much of that leverage cleared, the token is now rebuilding from the $1.40 area rather than immediately retesting last week's high.
Bitcoin's recovery above $80,000 after briefly dipping below $79,000 has also lifted sentiment across major cryptocurrencies, with XRP participating in the broader rebound.
Technical levels to watch
XRP's daily chart remains constructive despite the recent pullback. At around $1.42, the token is trading above its 50-day simple moving average (SMA) at $1.1334, the 100-day SMA at $1.1546, and the 200-day SMA at $1.2766. Holding above the 200-day SMA is crucial for maintaining the breakout that occurred earlier this month.
The Chaikin Money Flow (CMF) stands at 0.12, remaining above the zero line despite the pullback, indicating that buying pressure persists while XRP consolidates. On the 4-hour chart, the token is struggling to reclaim its session volume-weighted average price (VWAP) at $1.4393, with price near $1.42. The surrounding bands at $1.4321 and $1.4464 make $1.43-$1.45 the immediate area to clear before another attempt at $1.47.
On-Balance Volume (OBV) has eased to around 6.83 billion from its peak when XRP pushed above $1.50, but remains well above pre-rally levels. A turn higher in OBV alongside a move above the VWAP zone would give the next attempt at $1.47 more support.
For the bullish case, reclaiming $1.45-$1.47 is essential. A sustained move above that zone could open the path toward $1.50-$1.52, followed by $1.55 if buying volume strengthens. The Aug. 22 spike around $1.67-$1.70 remains the main resistance above those levels.
On the downside, $1.40 is the first support to watch, as buyers defended it during the latest correction. A break below could expose the $1.37-$1.38 reaction low from Aug. 27, while the 200-day SMA near $1.28 provides the next major support on the daily timeframe.
This article is for informational purposes only and does not constitute financial advice.
