XRP Gains 3.10% After Breaking Resistance Following Ripple-SEC Settlement
XRP experienced a bullish trend from August 13 to August 14, increasing from $3.24 to $3.33, marking a 3.10% gain.
During this period, XRP traded within a $0.14 range of $3.20 to $3.34, with a volatility of 4.20%, driven by strong institutional buying.
The most significant movement occurred at 13:00 when XRP surpassed resistance at $3.27 on 217.4 million volume, nearly three times the 24-hour average, followed by continued accumulation overnight with volumes exceeding 117 million.
Support developed in the $3.20-$3.22 range, while profit-taking was noted at $3.34 as the session concluded.
Price Action Summary
- XRP gained 3.10%, moving from $3.24 to $3.33, hitting a high of $3.34 and a low of $3.20.
- Breakout through $3.27 resistance on 217.4 million volume indicated large-scale accumulation.
- Overnight sessions recorded volumes above the baseline of 81.7 million, supporting upward momentum.
- New support established at $3.33 after intraday highs of $3.34; upside targets set at $3.35-$3.36.
News Background
- Ripple and the SEC withdrew all appeals, resolving regulatory uncertainty.
- Analysts compare current trends to XRP’s 2017 breakout, projecting targets between $6-$8 with sustained momentum.
- Institutional flows are reshaping market dynamics, with noticeable liquidity absorption at critical resistance points.
Technical Analysis
- Price band: $3.20-$3.34, volatility: 4.20%.
- Key breakout level: $3.27 resistance cleared on high volume.
- Main support: $3.20-$3.22 zone validated by strong volume.
- Resistance: $3.34 with profit-taking pressure observed.
- Intraday structure supports potential continuation toward $3.35-$3.36.
What Traders Are Watching
- Whether $3.33 support can hold to facilitate a move toward $3.40 soon.
- Sustained institutional volume above baseline levels indicating deeper accumulation.
- Market reaction to Ripple’s legal clarity that may impact other altcoins facing regulatory challenges.