XRP Recovers to $2.93 as Volume Spikes, Bulls Eye $3.17 Breakout
XRP posted a sharp intraday recovery, bouncing from lows of $2.82 to settle at $2.93 amid a surge in trading volume and aggressive dip-buying. The move came as markets grappled with heavy liquidations and mixed whale flows, while technical traders watch for a breakout above key resistance at $3.17.
Market Snapshot
- Intraday Range: $2.82 – $2.99
- Daily Change: +5.7%
- Closing Price: $2.93
- Volume: Spiked to 155M XRP, well above the 63M daily average
XRP’s rebound coincided with $360 million in liquidations across the broader crypto market, triggered by institutional de-risking. Meanwhile, ongoing concerns about a blockchain security downgrade have added pressure to XRP’s fundamentals.
Whale Activity and Sentiment
Large wallet holders were active on both sides, with some selling into strength while others defended the $2.82 level. On-chain data points to accumulation around the session low, supporting the late-session rally.
Despite bearish overhang, strong bid flows and rising turnover suggest bullish conviction is returning, particularly as traders look for confirmation above $2.99.
Technical Breakdown
- Support: $2.82 held under pressure, with bulls stepping in on heavy volume.
- Resistance: $2.99 capped intraday upside; next breakout target sits at $3.17.
- Volume Confirmation: 155M XRP traded during the 14:00 UTC recovery—2.5x above norm.
- Pattern: V-shaped rebound during mid-session suggests strong interest at the dip.
Early trading on August 22 showed continuation, with XRP edging up to $2.94 on above-average hourly volume.
Key Levels to Watch
- Upside Target: $3.17 – clearing this could open a path to $5.00+
- Downside Risk: If $2.82 fails, next support lies at $2.65
- Momentum Markers: Sustained buying between $2.92–$2.93 and follow-through above $2.99
Outlook
While sentiment remains fragile amid macro volatility, XRP’s bounce suggests bulls are regaining ground. Traders are watching closely to see if momentum carries through resistance, or if whales return to selling at the $3 level. A confirmed breakout above $3.17 could mark the start of a broader rally.
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