XRP Jumps 9% Before Profit-Taking Slows Rally Close to $3

XRP Surges Past $3 Amid Strong Volume Spike and Fed Optimism

XRP rallied impressively during the August 22–23 session, breaking through multi-month resistance near $3.10 after a period of consolidation.

This breakout coincided with dovish comments from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, which fueled expectations of a September interest rate cut and boosted risk appetite across crypto markets.

Adding to the positive momentum, on-chain settlement volumes on the XRP Ledger surged by 500% earlier this week, signaling increased institutional involvement despite ongoing token distribution by whales.

Price Summary

• XRP rose 8.56% over the 23-hour period from August 22, 11:00 UTC to August 23, 10:00 UTC, climbing from $2.83 to $3.03, per CoinDesk Research data.
• The token traded within an 11% range, moving between $2.79 and $3.10.
• The key breakout occurred at 14:00 UTC on August 22, when XRP jumped from $2.84 to $3.03 on a volume of 667.4 million—five times the average session volume.
• Gains were trimmed slightly in the final hour, with XRP retreating 0.47% to close near $3.01.
• Support has firmed around the $2.97–$3.00 range, while resistance persists at $3.08–$3.10.

Technical Overview

• Breakout Zone: Accumulation between $2.84 and $2.97 sparked a volume-driven upward move.
• Resistance: Strong selling emerged near $3.08–$3.10, limiting further advances.
• Support: A new floor formed around $2.97–$3.00, successfully defended during the session.
• Volume: The breakout candle saw 667.4 million tokens traded, 72% above the weekly average.
• Pattern: The setup indicates potential continuation if $3.00 support holds, though declining volume late in the session suggests consolidation before the next leg.

What Traders Are Monitoring

• Whether $3.00 support withstands profit-taking or if a deeper pullback toward $2.95 occurs.
• Confirmation of a breakout above $3.08–$3.10, which could pave the way to $3.25.
• Federal Reserve policy updates ahead of the September meeting and their impact on market sentiment.
• Increasing on-chain activity, with 844 million tokens settled in a single day, pointing to rising institutional adoption.
• Whale transactions and exchange flows, continuing to influence short-term price momentum.