XRP Rises 6% to $3.00 Amid Increased Trading Volume
XRP increased by 6% from August 3 at 03:00 to August 4 at 02:00, rising from $2.83 to a peak of $3.03 before closing at $3.00. The surge was driven by strong momentum and institutional flows, with trading volumes exceeding 110 million during peak hours. However, the price faced resistance and profit-taking led to a reversal.
Key Points
- XRP rose from $2.83 to $3.03, closing at $3.00
- Peak trading volume reached 109–110 million, compared to an average of 52.2 million
- Resistance established at $3.00–$3.03 due to institutional selling
- Breakouts occurred at $2.87, $2.92, and $2.97
Market Context
The movement aligns with a broader altcoin rally as traders shift towards high-beta tokens amid persistent macroeconomic pressures. Global inflation remains high, with central banks adopting a cautious stance on rate adjustments. XRP's performance may indicate a temporary shift toward volatile assets for short-term profits.
Price Action Summary
- Daily range was $2.83–$3.03, reflecting a 7.4% swing
- Acceleration noted between 23:00 and 01:00 as XRP surpassed multiple resistance levels
- A 1% pullback occurred in the last hour, dropping from $3.03 to $3.00
- A descending pattern formed with lower highs at $3.03, $3.02, and $3.01
- Final minutes showed a halt in trades, indicating position locking
Technical Analysis
- Support confirmed at $2.82 following consolidation
- Resistance at $3.03, with price unable to hold breakout levels
- Volume spikes during breakouts and reversals point to institutional involvement
- Price briefly entered a downward channel in the final trading hour
- Failed recovery attempt at 01:35 indicates weakening intraday momentum
Traders' Focus