News Background
The XRP extended its rally on August 23, when institutional trading volumes spiked over average, which reinforces bullish mood after weeks of consolidation. The move coincided with Dovish remarks from Fed -Chairman Jerome Powell at Jackson Hole, who strengthened expectations for cuts in September and triggered rotation to risk assets, including Cryptocurrencies.
Regulatory clarity after Ripple’s trial results continue to support institutional currents, while analysts are now pointing to ambitious $ 5- $ 8 goals if XRP breaks crucial over the almost term resistance.
Summary of Price Action
• XRP increased 3% during the 24-hour period from August 23 at. 15.00 to 24 August at. 14:00 and rose from $ 3.02 to $ 3.09 before consolidating back to $ 3.02.
• The token traded in a $ 0.09 band and topped with $ 3.09 on elevated 58.8 million volume-good over the 24-hour average of 33.2 million.
• Support formed almost $ 3.00 over 11:00 candles of 46.6 million revenue, validating the demand at the psychological level.
• The XRP ended the session near $ 3.02, which suggested renewed momentum while consolidated below resistance.
Technical analysis
• Resistance remains fixed at $ 3.08- $ 3.09, defined by high volume rejection during midnastrally.
• Supported solidified about $ 3.00 after several jumps with participation above average.
• Volume tips confirm institutional currents, with $ 27 million worth of XRP reported transaction in one minute of Fiatleak.
• Map structures are similar to double bottom and symmetrical triangle patterns, as analysts suggest, could extend gains against $ 3.30 and, if broken, open a path to $ 5- $ 8.
Which dealers are looking at
• Whether $ 3.00 applies as a durable floor in profits.
• A crucial outbreak over $ 3.30 resistance as the higher range trigger.
• Fed -policy path by September -Rate Cut -Confirmation would probably maintain streams to risk assets.
• The whale’s wallet accumulation and settlement volumes on the chain, which spiked 500% to 844 million earlier this week.
• Wider correlation with shares as lower yields continue to push crossover flow to digital assets.
