Profit-Taking Caps XRP Rally at $3 After Trading Volume Sees Threefold Increase

XRP Briefly Breaks $3 Before Profit-Taking Triggers Pullback

XRP rallied sharply over the 24-hour period ending August 4 at 02:00 (UTC+7), climbing from $2.83 to a session high of $3.03 before closing at $3.00. The move marked a 7.4% swing and was supported by a surge in trading volumes, but strong resistance and profit-taking near the $3 level capped further upside.

Key Price Levels:

• Daily High: $3.03
• Daily Low: $2.83
• Close: $3.00
• Volume Peak: 110M+ trades during the breakout window
• 24H Average Volume: ~52.2M

The bullish momentum was driven by a breakout across multiple intraday resistance zones — $2.87, $2.92, and $2.97 — culminating in a brief test of $3.03. However, institutional selling pressure emerged at the top, leading to a late-session reversal and a modest pullback.

Technical Insights:

• Support Zone: $2.82–$2.83 confirmed by high-volume accumulation
• Resistance: Firm at $3.03, with repeated rejections
• Momentum: Weakened in final trading hour; lower highs formed sequentially at $3.03, $3.02, and $3.01
• Volume Dynamics: Notable spikes aligned with both the upside move and reversal, pointing to significant institutional activity

A brief descending channel developed during the last hour of trading, suggesting cooling sentiment. Trade volumes dropped off in the final four minutes, likely reflecting position-locking and reduced appetite for further risk ahead of the next session.

Broader Context:

XRP’s price action unfolded amid a broader altcoin rally, with traders rotating into higher-risk assets despite lingering macroeconomic concerns. Global inflation remains elevated, and central banks have signaled caution around imminent rate cuts — creating a backdrop of uncertainty for risk assets.

Market Outlook:

XRP remains technically strong above the $2.82 support, but faces a critical test at the $3.03 resistance zone. Sustained buying above this level would be needed to reignite bullish momentum. Otherwise, failure to hold $2.90 could expose the token to a deeper retracement.