XRP Consolidates Below Resistance as Institutional Inflows Accelerate Post-Ripple Ruling
XRP extended its upward move on August 23 amid a surge in institutional activity and renewed investor confidence, driven by favorable macro signals and the lingering impact of Ripple’s legal clarity.
The latest rally was supported by dovish commentary from Federal Reserve Chair Jerome Powell at Jackson Hole, which strengthened expectations of a September rate cut and triggered renewed rotation into risk assets, including crypto.
With legal uncertainty behind it, XRP is once again drawing attention from institutional players. Analysts now suggest that if XRP decisively breaks above key resistance levels, targets between $5 and $8 are in play.
Price Action Overview
- XRP climbed from $3.02 to $3.09 within 24 hours ending August 24, before settling back at $3.02.
- The token traded within a $0.09 range, with peak volume hitting 58.8 million XRP—well above the daily average of 33.2 million.
- Demand was validated at the $3.00 psychological level, with a notable bounce during the 11:00 UTC candle on 46.6 million turnover.
- The day ended with XRP consolidating below resistance, showing signs of renewed buying interest.
Technical Signals
- Resistance: Still firm at $3.08–$3.09, where sellers rejected the late-night rally on high volume.
- Support: Solidified at $3.00, reinforced by repeated rebounds with above-average volume.
- Technical structures—symmetrical triangle and double-bottom patterns—suggest a potential breakout toward $3.30, and possibly higher.
- According to fiatleak, a $27 million transaction in under a minute underscores institutional engagement.
What Analysts and Traders Are Watching
Market correlations: Continued rotation from low-yielding assets into digital markets could amplify gains.
$3.00 as a critical floor: Holding this level during consolidation phases could establish a strong base.
Breakout above $3.30: A close above this threshold may trigger momentum toward long-term targets.
Macro drivers: Traders await Fed clarity in September—rate cuts could sustain capital flows into crypto.
Whale activity: On-chain settlement volumes surged 500% to 844 million XRP, suggesting rising utility.
