XRP Surges Past $3 on Volume Spike as Fed Policy and On-Chain Activity Boost Institutional Interest

XRP posted a strong advance during the August 22–23 session, testing key resistance near $3.10 after several weeks of consolidation.

The breakout came alongside dovish remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium, which reinforced expectations of a September rate cut and improved risk appetite across digital assets.

Adding to the bullish sentiment, on-chain settlement volumes on the XRP Ledger soared by 500% earlier this week, reflecting growing institutional adoption despite ongoing whale-driven token distribution.

Price Action Summary

• XRP climbed 8.56% over the 23-hour session from August 22, 11:00 UTC, to August 23, 10:00 UTC, rising from $2.83 to $3.03, per CoinDesk Research’s technical analysis data.
• The token traded within an 11% intraday range, swinging between $2.79 and $3.10.
• The breakout occurred at 14:00 UTC on August 22, when XRP surged from $2.84 to $3.03 on a volume of 667.4 million—five times the session average.
• Late-session volatility capped the rally, with XRP retreating 0.47% in the final hour to settle near $3.01.
• Support consolidated around the $2.97–$3.00 range, while resistance remains firm at $3.08–$3.10.

Technical Analysis

• Breakout Zone: Accumulation between $2.84 and $2.97 triggered a high-volume upward impulse.
• Resistance: Strong selling pressure emerged between $3.08 and $3.10, capping further gains.
• Support: A new floor is forming near the $2.97–$3.00 psychological level, repeatedly defended intraday.
• Volume: The breakout candle recorded 667.4 million trades, 72% above the weekly average.
• Structure: The pattern suggests a continuation setup if $3.00 support holds, though declining volume late in the session points to possible consolidation before the next move.

What Traders Are Watching

• Whether the $3.00 support level can withstand profit-taking or if a deeper pullback toward $2.95 may occur.
• Confirmation of a breakout above the $3.08–$3.10 resistance zone, which could pave the way toward $3.25.
• Federal Reserve policy signals ahead of the September meeting and their impact on risk asset flows.
• On-chain activity surging to 844 million tokens settled in one day, underscoring potential enterprise adoption.
• Whale flows and recent exchange deposits, which continue to influence intraday price momentum.