8 hours ago
News Background
XRP extended its rally connected August 23 arsenic organization trading volumes spiked supra averages, reinforcing bullish sentiment aft weeks of consolidation. The determination coincided with dovish remarks from Fed Chair Jerome Powell astatine Jackson Hole, which strengthened expectations of September complaint cuts and triggered rotation into hazard assets, including cryptocurrencies.
Regulatory clarity pursuing Ripple’s litigation result continues to enactment organization flows, portion analysts present constituent to ambitious $5–$8 targets should XRP interruption decisively supra near-term resistance.
Price Action Summary
• XRP climbed 3% during the 24-hour play from August 23 astatine 15:00 to August 24 astatine 14:00, rising from $3.02 to $3.09 earlier consolidating backmost astatine $3.02.
• The token traded successful a $0.09 band, peaking astatine $3.09 connected elevated 58.8 cardinal volume—well supra the 24-hour mean of 33.2 million.
• Support formed adjacent $3.00 during the 11:00 candle connected 46.6 cardinal turnover, validating request astatine the intelligence level.
• XRP ended the league adjacent $3.02, suggesting renewed momentum portion consolidating beneath resistance.
Technical Analysis
• Resistance remains steadfast astatine $3.08–$3.09, defined by high-volume rejection during the midnight rally.
• Support solidified astir $3.00 aft aggregate bounces with above-average participation.
• Volume spikes corroborate organization flows, with $27 cardinal worthy of XRP reported transacted successful 1 infinitesimal by fiatleak.
• Chart structures lucifer double-bottom and symmetrical triangle patterns, which analysts suggest could widen gains toward $3.30 and, if breached, unfastened a way to $5–$8.
What Traders Are Watching
• Whether $3.00 holds arsenic a durable level during profit-taking phases.
• A decisive breakout supra $3.30 absorption arsenic the trigger for higher-range targets.
• Fed argumentation trajectory up of September—rate chopped confirmation would apt prolong flows into hazard assets.
• Whale wallet accumulation and on-chain colony volumes, which spiked 500% to 844 cardinal earlier successful the week.
• Broader correlation with equities, arsenic little yields proceed to propulsion crossover inflows into integer assets.
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