XRP Trading Volume Surges as Price Fluctuates Between $2.84 and $2.99
XRP approached the $3 mark, with trading volume exceeding its weekly average by over 6%.
Key Points
- XRP's rise coincides with overall crypto market stabilization and modest inflows into altcoins.
- On-chain data revealed significant institutional activity, with nearly 155 million in XRP turnover, surpassing the daily average of 63 million.
- The all-time high for XRP is $3.84 from January 2018; current movements indicate a recovery attempt rather than new price discovery.
Price Action
- XRP fluctuated between $2.84 and $2.99 over a 23-hour period from August 20 to August 21.
- The most notable increase occurred at 19:00 UTC on August 20, where it rose from $2.84 to $2.99 on a volume of 80.6 million.
- After this surge, XRP consolidated in the $2.89–$2.93 range, which has shown strong support.
- A volatile swing happened on August 21, with an 8.6% fluctuation before stabilizing.
Technical Analysis
- Support is observed in the $2.89–$2.93 zone, showing multiple rebounds.
- Resistance at $2.99–$3.00 has capped upward momentum with repeated rejections.
- Volume during the rally was 80.65 million, compared to a 24-hour baseline of approximately 63 million.
- The market pattern indicates sideways consolidation following a bullish impulse, with momentum slightly declining.
Current Focus for Traders
- Monitoring whether the $2.93 support holds or if a retest of $2.82 occurs.
- A breakout above $3.00 could signal trend continuation.
- Assessing volume sustainability is crucial as decreased flows may weaken bullish control.