Dovish Stance from Fed Drives XRP Towards $3.10; Analysts Predict $5–$8 Targets
Regulatory clarity following Ripple’s litigation outcome continues to support institutional flows, while analysts now point to ambitious targets should XRP break decisively above near-term resistance.
What to know:
- XRP’s rally on August 23 was driven by increased institutional trading volumes and dovish comments from Federal Reserve Chair Jerome Powell.
- The cryptocurrency’s price fluctuated between $3.02 and $3.09, with significant trading volume indicating strong institutional interest.
- Analysts suggest that breaking the $3.30 resistance could lead XRP to reach ambitious targets between $5 and $8.
News Background
XRP extended its rally on August 23 as institutional trading volumes spiked above averages, reinforcing bullish sentiment after weeks of consolidation. The move coincided with dovish remarks from Fed Chair Jerome Powell at Jackson Hole, which strengthened expectations of September rate cuts and triggered rotation into risk assets, including cryptocurrencies.
Price Action Summary
- XRP climbed 3% during the 24-hour period from August 23 at 15:00 to August 24 at 14:00, rising from $3.02 to $3.09 before consolidating back at $3.02.
- The token traded in a $0.09 band, peaking at $3.09 on elevated 58.8 million volume—well above the 24-hour average of 33.2 million.
- Support formed near $3.00.
Technical Analysis
- Resistance remains firm at $3.08–$3.09, defined by high-volume rejection during the midnight rally.
- Volume spikes confirm institutional flows, with $27 million worth of XRP reported transacted in one minute.
What Traders Are Watching
- Whether $3.00 holds as a durable floor during profit-taking phases.
- Fed policy trajectory ahead of September—rate cut confirmation would likely sustain flows into risk assets.
