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XRP advanced sharply during the Aug. 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, according to CoinDesk Research's technical analysis data.
- 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 the path toward $3.25.
- Fed policy signals ahead of the 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.
This article has been published in coindesk.com via Yahoo News.
XRP Surges 9% Before Pullback Caps Rally Near $3
Breakout above $3 triggers five-fold volume spike as Fed policy shift and on-chain activity boost institutional flows.
finance.yahoo.com
