- XRP rose 3% on August 23, with increased volumes and strong institutional interest.
- The highest price reached was $3.09, before consolidating back to $3.02 with notable support at the $3.00 level.
- Trading volume peaked at 58.8 million, nearly double the 24-hour average, showing strong market participation.
- Technical analysis points to significant resistance at $3.08–$3.09, with possible gains if prices move above $3.30.
- Traders are watching U.S. Federal Reserve policy and large wallet movements to gauge future trends.
XRP saw a 3% increase on August 23, as trading activity grew and institutional investors drove strong demand. This move followed statements from Federal Reserve Chair Jerome Powell at the Jackson Hole event, which raised expectations for interest rate reductions in September and shifted investment toward riskier assets like cryptocurrencies.
During the 24-hour session, XRP traded in a range of $3.00 to $3.09 before closing near $3.02. Trading volumes reached 58.8 million, far surpassing the average daily volume of 33.2 million. Market data showed that demand increased when the price tested the $3.00 level, especially as turnover hit 46.6 million in that period.
High-volume transactions included one-minute flows of $27 million in XRP, according to fiatleak, indicating significant institutional participation. Technical signals showed resistance between $3.08 and $3.09, with support forming at the $3.00 mark after several rebounds. Analysts noted that the double-bottom and symmetrical triangle chart patterns could lead to advances up to $3.30, or potentially higher if that level breaks.
Regulatory clarity after the recent Ripple litigation outcome continues to aid institutional flows into XRP. Experts are watching whether $3.00 holds as a stable support level and if the token can clear the $3.30 resistance. Additionally, on-chain settlement volumes surged 500% to 844 million earlier in the week, showing further market activity.
Ongoing monitoring focuses on Federal Reserve decisions and whale wallet activity to gauge the outlook for digital assets. Lower yields from traditional investments have encouraged more crossover inflows into the cryptocurrency sector, as investors seek higher returns.
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