The XRP price hasn’t had the brightest start to September. The token slipped over 3% in the last 24 hours and was trading near $2.73 at press time. This latest dip adds to its 7-day losses to 8.6%.

The early weakness has left traders cautious, but a closer look at on-chain and derivatives data shows reasons to believe a rebound could be on the way.

Whale Flows Cool as Derivatives Sentiment Improves

Whale-to-exchange flows dropped to 1,025 XRP on August 31, one of the lowest levels in a month. By September 1, flows had recovered slightly to 1,768 XRP, keeping pressure near the lows.

This suggests that large holders are still sending less XRP to exchanges (since August 26), easing the selling pressure.

Some might read this as whales losing interest, but derivatives data gives a more nuanced view. The taker buy/sell ratio, which measures aggressive buying against selling in futures, has a history of marking local bottoms.