XRP Jumps 8.56% Before Pullback Near $3.01
XRP Price Movement Overview
XRP experienced significant gains on August 22-23, approaching multi-month resistance near $3.10 after a period of sideways trading. Key factors included:
- Dovish comments from Federal Reserve Chair Jerome Powell, indicating potential rate cuts in September.
- A 500% increase in on-chain settlement volumes on the XRP Ledger, signaling optimism for institutional adoption.
Price Action Details
- XRP increased by 8.56%, rising from $2.83 to $3.03 within 23 hours.
- The token fluctuated between $2.79 and $3.10, resulting in an 11% intraday range.
- A breakout occurred at 14:00 UTC on August 22, with XRP surging on 667.4 million trades, five times the session average.
- In the final hour, XRP retreated 0.47% to settle near $3.01.
- Support is established around $2.97-$3.00; resistance remains at $3.08-$3.10.
Technical Insights
- Breakout levels were identified in the $2.84-$2.97 zone, triggering upward movement on high volume.
- Strong resistance at $3.08-$3.10 has limited further price advances.
- New support forming at the psychological level of $2.97-$3.00.
- Volume during the breakout was logged at 667.4 million trades, 72% above the weekly average.
- Current price structure suggests consolidation may occur before the next movement.
Factors Traders Are Monitoring
- Stability of $3.00 support during potential profit-taking or possible retracement to $2.95.
- Confirmation of a breakout above the $3.08-$3.10 resistance zone, which could lead toward $3.25.
- Influence of Fed policy signals prior to the September meeting on risk asset flows.
- On-chain activity has surged to 844 million tokens settled in one day, indicating enterprise adoption potential.
- Whale movements, as recent exchange deposits impact intraday momentum.