XRP is trading just above $2.98 support after a $273 million spike in volume on Tuesday, maintaining a tight range around the $3.00 psychological level.
Market Overview
The token extended its late-August gains, rising nearly 9% over the week. Market sentiment was boosted by Gemini’s launch of an XRP-rewards Mastercard with WebBank, offering up to 4% cashback in XRP and helping Gemini surpass Coinbase in U.S. iOS app rankings.
Institutional flows into XRP-linked products are estimated at $25 million daily, providing liquidity and depth. Analysts are watching for potential breakout setups, with long-term targets near $27 if the current consolidation resolves upward.
Price Action
During the 24-hour session ending 27 August 04:00 GMT, XRP traded between $2.95 and $3.05, closing at $2.98 for a 1.3% intraday decline.
- Peak activity came at 20:00 GMT, with volume surging to 273.15 million, over four times the daily average, as XRP briefly reached $3.05 before profit-taking.
- In the final hour (03:04–04:03 GMT), XRP consolidated between $2.97–$3.08, repeatedly testing $2.975 support.
- Volume spikes of 1.31M at 03:59 GMT and 1.19M at 03:07 GMT coincided with short rallies toward $2.99 resistance.
Technical Summary
- Support: $2.975–$2.98
- Resistance: $3.02–$3.04
- Momentum: RSI mid-50s (neutral); MACD histogram approaching bullish crossover
- Pattern: Base-building consolidation; breakout above $3.04 could drive continuation
- Volume: Institutional activity evident, though heavy profit-taking at resistance
Key Levels and Watch Points
- Bulls eye $3.20 if $3.02–$3.04 resistance breaks
- Bears watch $2.96 as first downside trigger, then $2.94
- Retail adoption impact from Gemini XRP Mastercard
- Sustained institutional inflows above $25M daily critical for momentum
XRP remains in a base-building phase, balancing support near $2.98 against resistance at $3.04, with traders closely monitoring for signs of a directional breakout.
