XRP Hits $3.00 Amid Bullish Momentum and Heavy Institutional Inflows
Key News Highlights
- XRP rose nearly 9% over the week, trading around the $3.00 level.
- Gemini launched an XRP-rewards Mastercard with WebBank, offering up to 4% cashback in XRP, boosting its iOS app ranking in the U.S.
- Daily institutional flows into XRP-linked products reached approximately $25 million.
- Long-term targets for XRP are cited near $27 if the current price compression resolves upwards.
Price Action Overview
- On August 27, XRP traded between $2.95 and $3.05, closing at $2.98, down 1.3% intraday.
- The highest activity occurred at 20:00 GMT, with volumes reaching 273.15 million, significantly above the daily average of 62.47 million.
- XRP consolidated within a range of $2.97 to $3.08, with support at $2.975 holding firm.
- Volume spikes coincided with brief rallies toward resistance at $2.99.
Technical Analysis
- Support is established at $2.975–$2.98 after multiple defenses.
- Resistance remains at $3.02–$3.04 amid selling pressure.
- RSI is stable in the mid-50s; MACD histogram approaches a potential bullish crossover.
- Peak volume of 273M indicates institutional interest but profit-taking at resistance levels.
- Current consolidation suggests base-building near $3.00, with a potential continuation if $3.04 breaks.
Trader Focus Areas
- Bulls aim for $3.20 if resistance at $3.02–$3.04 is overcome.
- Bears identify $2.96 as the first downside target, with $2.94 below that.
- Market participants are monitoring the impact of Gemini’s Mastercard on retail flows into XRP.
- Sustained institutional inflows above $25M daily are crucial for maintaining momentum.
