XRP surged 6% during the trading period from August 3, 03:00 to August 4, 02:00, reaching a peak of $3.03 before closing at $3.00.

The increase was driven by robust breakout momentum and institutional inflows, resulting in trading volumes exceeding 110 million at peak times. However, this rise faced significant selling pressure at the $3.03 mark, leading to profit-taking that caused a partial loss of gains.

Key Points:

• XRP soared from $2.83 to $3.03, then settled at $3.00.
• Trading volumes spiked, surpassing 110 million, compared to a 24-hour average of 52.2 million.
• Institutional selling confirmed resistance at $3.00 to $3.03.
• Crucial intraday breakouts occurred at $2.87, $2.92, and $2.97.

Broader Context:

This movement is amid an overall altcoin rally as traders shift towards volatile assets due to ongoing macroeconomic challenges. With global inflation remaining a concern, capital seems to be rotating towards riskier assets for short-term returns.

Trading Summary:

• Daily range: $2.83–$3.03, with a 7.4% move.
• Acceleration happened from 23:00 to 01:00 as XRP breached several resistance levels.
• A decline was witnessed as XRP fell back from $3.03 to $3.00 in the final hour.

Observations for Traders:

• A breakout beyond $3.03 might target levels between $3.07 and $3.10.
• Support lies at $2.97 and $2.92 if a correction occurs.
• XRP’s correlation with BTC and ETH remains significant.
• Monitor for changes in volume or macroeconomic headlines to indicate the next movement.