News Background
XRP advanced sharply during the August 22–23 session, testing multi-month resistance near $3.10 after weeks of sideways trading.
The move coincided with dovish commentary from Federal Reserve Chair Jerome Powell at Jackson Hole, which reinforced expectations of a September rate cut and lifted risk sentiment across digital assets.
On-chain settlement volumes on the XRP Ledger surged 500% earlier this week, adding to optimism around institutional adoption despite ongoing whale distribution.
Price Action Summary
• XRP gained 8.56% across the 23-hour session from August 22 at 11:00 to August 23 at 10:00, climbing from $2.83 to $3.03.
• The token swung between $2.79 and $3.10, creating an 11% intraday range.
• The breakout occurred at 14:00 UTC on August 22, with XRP surging from $2.84 to $3.03 on 667.4 million volume—five times session averages.
• Late-session volatility capped the move, with XRP retreating 0.47% in the final hour to settle near $3.01.
• Support has consolidated around $2.97–$3.00 while resistance remains firm at $3.08–$3.10.
Technical Analysis
• Breakout levels: $2.84–$2.97 accumulation zone triggered upside impulse on high volume.
• Resistance: Strong supply pressure emerged at $3.08–$3.10, rejecting further advance.
• Support: New floor forming at $2.97–$3.00 psychological level, repeatedly defended intraday.
• Volume: Breakout candle logged 667.4 million trades, 72% above weekly average.
• Structure: Pattern resembles continuation setup if $3.00 holds, though fading volume late in the session suggests consolidation before next leg.
What Traders Are Watching
• Whether $3.00 support holds during profit-taking, or if a deeper retrace tests $2.95.
• Breakout confirmation above $3.08–$3.10 zone, which could open path toward $3.25.
• Fed policy signals ahead of September meeting, and impact on risk asset flows.
• On-chain activity, which has surged to 844 million tokens settled in a single day, signaling enterprise adoption potential.
• Whale flows, as recent exchange deposits continue to weigh on intraday momentum.