News Background
XRP extended its rally on August 23 as institutional trading volumes spiked above averages, reinforcing bullish sentiment after weeks of consolidation. The move coincided with dovish remarks from Fed Chair Jerome Powell at Jackson Hole, which strengthened expectations of September rate cuts and triggered rotation into risk assets, including cryptocurrencies.
Regulatory clarity following Ripple’s litigation outcome continues to support institutional flows, while analysts now point to ambitious $5–$8 targets should XRP break decisively above near-term resistance.
Price Action Summary
• XRP climbed 3% during the 24-hour period from August 23 at 15:00 to August 24 at 14:00, rising from $3.02 to $3.09 before consolidating back at $3.02.
• The token traded in a $0.09 band, peaking at $3.09 on elevated 58.8 million volume—well above the 24-hour average of 33.2 million.
• Support formed near $3.00 during the 11:00 candle on 46.6 million turnover, validating demand at the psychological level.
• XRP ended the session near $3.02, suggesting renewed momentum while consolidating below resistance.
Technical Analysis
• Resistance remains firm at $3.08–$3.09, defined by high-volume rejection during the midnight rally.
• Support solidified around $3.00 after multiple bounces with above-average participation.
• Volume spikes confirm institutional flows, with $27 million worth of XRP reported transacted in one minute by fiatleak.
• Chart structures resemble double-bottom and symmetrical triangle patterns, which analysts suggest could extend gains toward $3.30 and, if breached, open a path to $5–$8.
What Traders Are Watching
• Whether $3.00 holds as a durable floor during profit-taking phases.
• A decisive breakout above $3.30 resistance as the trigger for higher-range targets.
• Fed policy trajectory ahead of September—rate cut confirmation would likely sustain flows into risk assets.
• Whale wallet accumulation and on-chain settlement volumes, which spiked 500% to 844 million earlier in the week.
• Broader correlation with equities, as lower yields continue to push crossover inflows into digital assets.