XRP Tests $3.08 Resistance, Consolidates Near $3.00
XRP briefly touched $3.08 on heavy trading volume before settling near the $3.00 psychological level, signaling cautious bullish momentum.
Market Context
The CME Group recently reported that its crypto futures suite exceeded $30 billion in notional open interest for the first time. XRP futures crossed $1 billion in just over three months—the fastest pace for a new contract—reflecting rising institutional participation. Broader crypto sentiment also improved following Fed Chair Jerome Powell’s remarks at Jackson Hole, which boosted expectations for future policy easing. XRP remains under regulatory scrutiny in the U.S., though corporate treasuries continue to explore Ripple’s cross-border payment solutions.
Price Action
From August 26, 03:00 GMT, to August 27, 02:00 GMT, XRP rose 3.6%, moving from $2.89 to $2.99 within a $0.20 intraday range. The most significant surge occurred at 19:00 GMT on August 26, when XRP spiked to $3.08 on 167.6 million tokens before retreating. During the final hour (01:21–02:20 GMT on August 27), XRP consolidated within a $0.13 range near $2.99–$3.00.
Technical Overview
- Support: $2.89 remains a solid base; $2.99 now acts as a near-term psychological floor.
- Resistance: $3.06–$3.08 caps short-term gains, reinforced by high-volume rejection.
- Momentum: RSI recovered from 42 to the mid-50s, indicating strengthening trend.
- Volume: Trading at $3.08 doubled the 30-day average, highlighting institutional involvement.
- Patterns: Double bull-flag and rounding-bottom formations point to potential upside, with a longer-term target near $5.85.
- Compression: Late-session diminishing peaks around $3.00–$3.01 suggest a coiling setup ahead of a directional move.
What Traders Are Watching
- $2.99–$3.00 as key psychological support.
- Break above $3.08 could trigger a rally toward $3.20 and higher.
- Downside risk emerges if $2.84 is breached, with $2.80 as the next support.
- Institutional flows and CME open-interest growth will be closely monitored for confirmation of sustained momentum.
