XRP is holding above $2.98 support following a $273 million volume surge during Tuesday’s session, maintaining a tight range around the $3.00 psychological level.

Market Background

XRP extended its late-August gains, rising nearly 9% over the week. Institutional and retail sentiment has been supported by Gemini’s launch of an XRP-rewards Mastercard with WebBank, offering up to 4% cashback in XRP. The launch helped Gemini surpass Coinbase in U.S. iOS app rankings.

Daily institutional flows into XRP-linked products are estimated at $25 million, adding depth and liquidity to the market. Analysts are eyeing potential breakout setups, with longer-term technical targets near $27 if the current consolidation resolves upward.

Price Action

During the 24-hour session ending 27 August 04:00 GMT, XRP traded in a $0.09 range between $2.95 and $3.05, closing at $2.98 for a 1.3% intraday decline.

• Peak activity occurred at 20:00 GMT, with volumes surging to 273.15 million, more than four times the daily average, as XRP briefly touched $3.05 before encountering selling pressure.
• In the final hour (03:04–04:03 GMT), XRP consolidated between $2.97–$3.08, repeatedly testing $2.975 support.
• Short-lived rallies toward $2.99 coincided with volume spikes of 1.31M at 03:59 GMT and 1.19M at 03:07 GMT.

Technical Analysis

• Support: $2.975–$2.98 remains the key floor
• Resistance: $3.02–$3.04 continues to cap upside attempts
• Momentum: RSI in the mid-50s indicates a neutral bias; MACD histogram shows potential bullish crossover
• Volume: $273M peak highlights institutional activity and profit-taking
• Pattern: Consolidation near $3.00 suggests base-building; a break above $3.04 could signal continuation

What Traders Are Watching

• Bulls target $3.20 if $3.02–$3.04 resistance breaks
• Bears watch $2.96 as the first downside trigger, with $2.94 next
• Market desks monitor whether Gemini’s XRP Mastercard drives incremental retail flows
• Sustained institutional inflows above $25M daily remain critical for momentum

XRP remains in a base-building phase, balancing resistance at $3.04 with support near $2.98, as traders watch for the next directional move.