Market Reacts to Fed Shift: XRP Pushes Toward $3.10, $8 Not Off the Table

XRP Holds Ground Near $3.00 as Institutional Flows Strengthen and Analysts Target $5–$8

XRP continues to draw institutional interest as regulatory clarity from Ripple’s legal victory boosts investor confidence. The token rallied sharply on August 23, aligning with dovish remarks from Fed Chair Jerome Powell, which fueled broader risk-on sentiment across markets.

Market Context

Powell’s speech at Jackson Hole signaled a potential rate cut in September, sparking inflows into crypto assets. XRP benefited from the macro tailwind and from ongoing momentum after Ripple’s favorable litigation outcome, which has improved visibility for institutions.

Price Action

• XRP climbed from $3.02 to $3.09 between Aug. 23–24 before retracing to $3.02.
• Trading range spanned $0.09, with volume reaching 58.8 million—well above the daily average.
• Support emerged around $3.00, confirmed by a high-volume bounce during the 11:00 UTC candle.

Technical Setup

• Immediate resistance: $3.08–$3.09, where sellers rejected upside during late-night trading.
• Support: $3.00 remains key, holding firm through multiple retests.
• Patterns forming on the chart—double bottom and symmetrical triangle—suggest a potential move toward $3.30, and possibly $5 to $8 on breakout.

Institutional Signals

• A single-minute transaction of $27 million in XRP (per fiatleak) points to large-scale flows.
• On-chain settlement volumes surged 500% to 844 million XRP earlier in the week.

Traders Are Watching

• Can XRP maintain the $3.00 support during any short-term pullbacks?
• A breakout above $3.30 could confirm upside toward higher-range analyst targets.
• September Fed decision remains a key macro driver.
• Continued tracking of whale wallet accumulation and broader crypto-equity correlation as falling yields support digital assets.