XRP Breaks Above $3 Following Strong Volume Surge Amid Fed Signals and Rising On-Chain Activity
XRP rallied sharply during the August 22–23 session, testing resistance near $3.10 after weeks of sideways movement.
The breakout coincided with dovish remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, which boosted expectations of a September rate cut and improved risk sentiment across digital assets.
Supporting the momentum, on-chain settlement volumes on the XRP Ledger jumped 500% earlier this week, signaling growing institutional interest despite ongoing whale distribution.
Price Movement Summary
- XRP gained 8.56% during the 23-hour period from August 22, 11:00 UTC, to August 23, 10:00 UTC, rising from $2.83 to $3.03, according to CoinDesk Research.
- The token traded between $2.79 and $3.10, marking an 11% intraday range.
- The breakout occurred at 14:00 UTC on August 22, with XRP surging from $2.84 to $3.03 on 667.4 million volume—five times the session average.
- Late-session volatility trimmed gains by 0.47%, with XRP closing near $3.01.
- Support has strengthened near $2.97–$3.00, while resistance remains solid between $3.08 and $3.10.
Technical Highlights
- Accumulation Zone: $2.84–$2.97 served as the build-up area triggering the breakout on heavy volume.
- Resistance: Sellers exerted pressure around $3.08–$3.10, limiting further upside.
- Support: The $2.97–$3.00 level has formed a reliable floor, defended during the session.
- Volume: The breakout candle recorded 667.4 million trades, 72% above the weekly average.
- Price Structure: If $3.00 holds, the setup suggests a continuation pattern, though volume tapering hints at a possible pause before the next move.
What to Watch Next
- The resilience of $3.00 support amid profit-taking and the possibility of a retracement to $2.95.
- Whether XRP can decisively break above $3.08–$3.10 to target $3.25.
- Federal Reserve policy signals ahead of the September meeting and their influence on risk appetite.
- Continued growth in on-chain settlements, which recently reached 844 million tokens in a single day, indicating increased institutional activity.
- Whale movements and exchange flows, which remain key factors affecting price momentum.
