XRP Price Rebounds to $2.93 Amid Increased Trading Volume
XRP experienced a nearly 6% fluctuation in a volatile 24-hour period, recovering from lows of $2.82 to close at $2.93. This movement was driven by increased trading volume and strong support buying, despite significant sales from whales and $360 million in liquidations across the broader market.
News Background
- XRP faced selling pressure due to a blockchain security downgrade raising vulnerability concerns.
- Whales engaged in both selling during rallies and defending key support levels.
- The broader crypto market saw $360 million liquidated as institutions shifted away from risk assets.
- Technical analysts identified $3.17 as a potential breakout point, while bearish views anticipate a drop to $2.65 if support levels fail.
Price Action Summary
- XRP fluctuated 5.69% between August 20–21, with a range of $0.17 from $2.82 to $2.99.
- The token hit session lows during the 13:00–15:00 UTC window before rebounding to $2.93.
- Volume surged to 155 million during recovery, nearly triple the daily average of 63 million.
- Bears actively defended the $2.99 resistance, while bulls supported bids at $2.82, leading to a late-session rally.
- XRP closed at $2.93, indicating bullish momentum on strong volume confirmation.
Technical Analysis
- Support Zone: Buyers effectively defended $2.82, confirming it as a strong support level.
- Resistance Wall: Sellers limited price action at $2.99, establishing a clear resistance ceiling.
- Volume Surge: The 155 million turnover during recovery indicates substantial institutional buying interest.
- Intraday Pattern: The V-shaped reversal from $2.82 to $2.93 suggests accumulation activity.
- Morning Session: XRP gained an additional 0.34%, reaching $2.94 with hourly volumes exceeding norms.
- Momentum Outlook: Persistent buying at $2.92–$2.93 hints at building breakout pressure.
What Traders Are Watching
- Whether XRP can breach and sustain above $2.99, opening up $3.17 as the next target.
- Trends in whale positioning, particularly signs of distribution or accumulation near $3.00.
- The impact of broader market liquidations and institutional risk appetite on short-term flows.
- If $2.82 remains intact during further tests, establishing a solid floor ahead of potential upside.