XRP’s Strong Advance
XRP made a significant upward movement during the session from August 22 to August 23, reaching multi-month resistance levels around $3.10 after several weeks of sideways trading.
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This surge coincided with dovish remarks made by Federal Reserve Chair Jerome Powell at Jackson Hole, which bolstered expectations for a rate cut in September and enhanced risk sentiment across digital assets.
In addition, on-chain settlement volumes on the XRP Ledger experienced a remarkable 500% increase earlier this week, fueling optimism regarding institutional adoption, despite ongoing whale distribution.
Key Performance Metrics
- XRP increased by 8.56% over the 23-hour period from August 22 at 11:00 to August 23 at 10:00, rising from $2.83 to $3.03.
- The token fluctuated between $2.79 and $3.10, creating an 11% intraday range.
- The breakout took place at 14:00 UTC on August 22, with XRP soaring from $2.84 to $3.03 on a volume of 667.4 million—five times the session averages.
- Late-session volatility capped the increase, as XRP dipped by 0.47% in the last hour, settling around $3.01.
- Support has consolidated in the $2.97–$3.00 range, while resistance remains firm at $3.08–$3.10.
Market Technicals
- Breakout levels: The accumulation zone between $2.84 and $2.97 triggered an upside impulse on high volume.
- Resistance: Significant supply pressure emerged around the $3.08–$3.10 range, halting further advances.
- Support: A new floor appears to be forming at the psychological level of $2.97–$3.00, which has been defended multiple times throughout the day.
- Volume: The breakout candle recorded 667.4 million trades, which is 72% higher than the weekly average.
- Structure: The pattern resembles a continuation setup if the $3.00 level holds, although declining volume towards the end of the session indicates potential consolidation before the next move.
- There is uncertainty around whether the support at $3.00 will hold during profit-taking, or if a deeper retracement will test $2.95.
- Breakout confirmation above the $3.08–$3.10 zone could pave the way towards $3.25.
- Fed policy signals ahead of the September meeting are anticipated to influence risk asset flows.
- On-chain activity has shot up, with 844 million tokens settled in a single day, indicating potential for enterprise adoption.
- Whale flows are impacting intraday momentum, as recent exchange deposits continue to weigh heavily.
