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XRP is trading just under $3 after retreating from its multi-year high of $3.66, a pullback that comes as traders weigh both bullish technical patterns and fresh signs of weakness.

At the same time, Coinbase’s XRP reserves have plunged significantly since June, raising questions about supply dynamics on one of the world’s largest exchanges.

Back in June, on-chain analyst “XRPWallets” highlighted that Coinbase was holding nearly 970 million XRP across 52 cold wallets.

Ten of those wallets carried allocations of about 26.8 million XRP each, while another 42 wallets were stocked with roughly 16.8 million each.

Coinbase Cold Wallets Tracker 52 Coinbase Cold Wallets Total 10 wallets 26.8M 42 wallets 16.8M Estimated 970M XRP

In just over two months, however, that picture has changed. By late August, Coinbase’s XRP reserves had declined by nearly 73%.

Large wallets have either been emptied, broken down into smaller accounts, or shifted elsewhere, leaving only 16 of the original smaller wallets intact.

What had once been close to one billion XRP now amounts to a fraction of that figure.

The same restructuring trend has also been observed at custodians such as BitGo and exchanges like Bitstamp, but the scale of Coinbase’s reduction is far more striking.

While some argue that the move is likely related to custody rebalancing, regulatory adjustments, or bulk withdrawals, the sheer magnitude makes it difficult to dismiss as routine housekeeping.

At the same time, XRP’s market price has struggled to reclaim its multi-year peak of $3.66. At press time, the token traded at around $2.92, just under key support levels at $2.86–$2.88.

Resistance remains capped in the $3.05–$3.12 zone, with a symmetrical triangle pattern forming on the daily and four-hour charts.

In addition, exchange data shows outflows of about $12.7 million in recent weeks, which suggests that investors may be accumulating away from trading venues.

Reduced supply on exchanges has often been seen as a precursor to bullish moves, yet technical signals remain mixed.

The Relative Strength Index (RSI) hovers in the low 40s, signalling weakening momentum but not outright bearish exhaustion.

Despite the uncertainty, several rare bullish technical patterns have appeared on XRP’s daily chart.

A golden cross between the 50-day and 200-day moving averages flashed in July, widely seen as a long-term positive sign, although the price has been mainly bearish since then.

In addition, analyst CryptoBull have identified a bullish flag and a cup-and-handle formation, both of which suggest that the current sideways action could precede another leg upward.

#XRP Cup&Handle pattern completed. Next stop is $7.

The consensus among optimistic traders is that a decisive breakout above the year-to-date high of $3.65 could unlock a rally toward $5, and potentially even $7 if momentum accelerates.

That would represent a sharp rebound of nearly 70% from current levels.

Beyond chart patterns, Ripple Labs continues to strengthen its ecosystem.

The company’s dollar-backed stablecoin RLUSD has crossed $686 million in assets with trading volumes topping $2 billion over the past month, positioning Ripple as a growing force in stablecoins and cross-border settlements.

Meanwhile, speculation around a potential spot XRP exchange-traded fund in the United States adds another layer of anticipation.

Following the success of Bitcoin and Ethereum ETFs, analysts suggest that an XRP fund could attract billions in inflows, deepening institutional adoption.

With Coinbase’s XRP holdings thinning by nearly three-quarters since June and the token consolidating below its peak, the market finds itself at a critical juncture.

Whether the reserve reduction signals tighter exchange offerings or merely a behind-the-scenes reshuffle remains unclear, but the optics are fueling debate across the community.

For traders, the short-term battle lies between defending support at $2.86 and breaking resistance at $3.12.

A clear move beyond either boundary could set the tone for September, determining whether XRP heads toward a long-awaited breakout or risks slipping back to deeper lows.

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