XRP Hits $3.04 Resistance; Analyzing the Current Market Trends

Key Insights

XRP rose nearly 9% for the week, trading around the $3.00 level.
Gemini’s new XRP-rewards Mastercard has improved its app ranking over Coinbase.
Institutional investments in XRP are estimated at $25 million daily, enhancing market depth.

XRP extended its late-August advance, climbing nearly 9% on the week, while maintaining a trade range around the $3.00 mark.
Gemini introduced an XRP-rewards Mastercard offering up to 4% cashback, pushing it ahead of Coinbase in U.S. iOS app rankings.
Institutional inflows into XRP-linked products are now about $25 million daily, enriching the market landscape.
Analysts are observing breakout formations, with long-term targets noted near $27 if the ongoing compression phase resolves positively.

Over the 24-hour session ending August 27 at 04:00 GMT, XRP fluctuated between $2.95 and $3.05, closing at $2.98, marking a 1.3% intraday decline.
Peak activity was reported at 20:00 GMT, with volumes soaring to 273.15 million, more than four times the daily average as XRP nearly hit $3.05.

Support: $2.975–$2.98 has established a critical psychological floor.
Resistance: The $3.02–$3.04 range continues to limit upside attempts amid strong selling pressure.
Momentum Indicators: The RSI is steady in the mid-50s, indicating a neutral bias; while the MACD histogram is nearing a potential bullish crossover.

Bulls target $3.20 if the resistance band is breached.
Bears indicate $2.96 as the initial support trigger, with $2.94 following closely.
Market observers are keen on whether Gemini’s Mastercard generates additional retail flows into XRP.
Maintaining daily inflows above $25 million is essential for sustaining upward momentum.