XRP Inches Toward $3 as Volume Surges, Institutions Reengage
XRP continued its climb toward the psychologically significant $3 level on strong momentum, driven by elevated trading activity and a sharp uptick in institutional participation. On-chain data showed roughly 155 million XRP traded during key recovery phases—more than double the typical 63 million daily average—suggesting heavy-handed accumulation.
Market Snapshot
- The rally follows broader market stabilization, as altcoins see renewed inflows after last week’s pullback.
- Institutional-grade flows dominated recent activity, with large wallet movements contributing to XRP’s outperformance.
- Despite speculation around new highs, XRP’s all-time peak of $3.84 (set in January 2018) remains unchallenged—placing current price action firmly in recovery territory, not price discovery.
Price Performance
- XRP traded within a 5.1% range from $2.84 to $2.99 over a 23-hour period between Aug. 20 at 13:00 UTC and Aug. 21 at 12:00 UTC.
- The most notable upward move came around 19:00 UTC on Aug. 20, when XRP jumped from $2.84 to $2.99 amid 80.6 million units in volume.
- Following the surge, price action turned sideways, with several rebounds off the $2.89–$2.93 area—marking it as key interim support.
- A final-hour volatility spike (Aug. 21, 11:03–12:02 UTC) saw an 8.6% drop from $2.916 to $2.901 on lighter volume (960,000 XRP) before stabilizing.
Technical Picture
- Support Zone: $2.89–$2.93 continues to show resilience, with multiple bounces supported by above-average volume.
- Resistance Zone: $2.99–$3.00 remains a ceiling, with bulls repeatedly failing to sustain moves above it.
- Volume Metrics: 24-hour trading hit 80.65 million XRP, well above the typical 63 million average.
- Structure: Momentum has entered consolidation after a sharp rally, with a mild bearish tilt unless new volume supports further upside.
Traders Are Watching
- The durability of $2.93 as a short-term support level—failure could trigger a retest of $2.82.
- Whether a clean break above $3.00 materializes, potentially confirming the next bullish leg.
- Sustainability of current trading volume—waning participation could leave bulls exposed to a reversal.
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