XRP Poised for $3.20 Rally with Bull-Flag in Play, Support Firm at $2.89

XRP Tests $3.08 Resistance, Holds Near $3.00

XRP traded in a narrow range around the $3.00 mark after testing resistance at $3.08 amid strong trading flows.

Market Context
CME Group recently announced that its crypto futures suite surpassed $30 billion in notional open interest, with XRP futures hitting $1 billion in just over three months—the fastest new contract to reach this milestone. Broader crypto sentiment has been bolstered by Fed Chair Jerome Powell’s Jackson Hole comments, which lifted expectations for potential policy easing later this year. XRP remains under the shadow of U.S. regulatory uncertainty, even as corporate treasuries explore cross-border payment pilots using Ripple’s technology.

Price Action
Between August 26, 03:00 GMT, and August 27, 02:00 GMT, XRP rose 3.6%, moving from $2.89 to $2.99 within a $0.20 intraday band. The sharpest move occurred at 19:00 GMT on August 26, when XRP spiked to $3.08 on 167.6 million volume before pulling back. In the final hour of trading, the token consolidated between $2.99 and $3.00, maintaining the psychological floor.

Technical Overview

• Support: $2.89 remains a critical base after multiple retests, with $2.99 emerging as a near-term psychological floor.
• Resistance: $3.06–$3.08 serves as the immediate ceiling, confirmed by heavy rejection at the $3.08 test.
• Momentum: RSI rebounded from oversold levels near 42 to mid-50s, signaling strengthening near-term trends.
• Volume: 167.6 million tokens changed hands during the $3.08 test, over double the 30-day average, highlighting institutional participation.
• Patterns: Bull-flag and rounding-bottom formations suggest potential upside, with longer-term targets around $5.85.
• Compression: Late-session diminishing peaks near $3.00–$3.01 indicate a coiling setup ahead of a potential breakout.

What Traders Are Watching

• Maintaining $2.99–$3.00 as support will be crucial for further upside.
• A confirmed break above $3.08 could open the way toward $3.20.
• Downside risks appear if $2.84 breaks, with $2.80 as the next key support.
• CME open-interest trends and institutional flows will be closely monitored to gauge sustained momentum.