XRP Jumps 9% Before Retreating, Approaching $3 Mark

Overview

XRP’s price surged by approximately 8.56% during the August 22-23 trading session, reaching near the $3.10 resistance level following optimistic comments from Federal Reserve Chair Jerome Powell.

Key Highlights:

Resistance Level: XRP approached $3.10 as it progressed.
On-chain Volume Surge: Settlement volumes on the XRP Ledger soared by 500%, suggesting increased institutional interest, even amid ongoing whale distribution.
Trading Watch: Market participants are monitoring if the support at $3.00 holds and whether a breakthrough above $3.10 will occur, indicating potential for further price gains.

Market Response

XRP exhibited significant movement in the August 22-23 session, testing multiple months’ resistance levels post weeks of stable prices.

This upswing coincided with dovish comments from Jerome Powell during the Jackson Hole symposium, which helped elevate expectations for a potential rate cut in September and enhanced sentiment across the digital asset landscape.

Settlement Increase

The notable rise in on-chain settlement volumes, up 500%, coincided with growing optimism regarding institutional adoption despite the ongoing distribution by large holders.

Price Movement Summary

XRP recorded an 8.56% gain during the 23-hour session from August 22 at 11:00 to August 23 at 10:00, escalating from $2.83 to $3.03, according to CoinDesk Research.
The cryptocurrency experienced fluctuations between $2.79 and $3.10, showcasing an 11% intraday range.
A breakout was noted around 14:00 UTC on August 22, with XRP increasing from $2.84 to $3.03 on significant trading volume, reported at 667.4 million – five times the average for that session.
However, late-session volatility capped off the gains, with XRP declining by 0.47% in the final trading hour to settle near $3.01. Support levels seem to be firming around $2.97 to $3.00, while resistance stands strong between $3.08 and $3.10.

Technical Insights

Breakout Levels: The breakout zone of $2.84–$2.97 triggered a rise in trading activity.
Resistance Areas: Strong supply at $3.08–$3.10 impacted the potential for further gain.
Support Base: New support levels are forming at $2.97–$3.00.

Investor Insights

Traders are closely watching if $3.00 support remains stable during profit-taking intervals.
Confirmation of breakout above $3.08–$3.10 could pave the way to $3.25.
Following the Fed’s policy signals and their influence on risk asset flow will be crucial in the upcoming sessions.

In conclusion, XRP’s recent price action exhibits a volatile yet promising trajectory, largely influenced by macroeconomic signals and internal network activity.