XRP Price Hits Multi-Month Highs!

In an explosive move, XRP surged nearly 9% during the trading session from August 22 to 23, challenging resistance levels around $3.10. After weeks of stagnation, this rapid ascent signals renewed vigor in the market.

What's Fueling the XRP Rally?

This price jump coincided with dovish remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium. His comments about potential rate cuts in September have reignited risk appetite across the cryptocurrency landscape, boosting sentiments for digital assets including XRP.

On-Chain Activity Skyrockets!

Earlier this week, on-chain settlement volumes on the XRP Ledger soared by an astounding 500%. This spike in activity is buoying hopes for increased institutional adoption, despite some ongoing distribution by larger holders of the asset.

Key Price Movements!

According to CoinDesk Research, XRP rose from $2.83 to $3.03 in just 23 hours, marking an impressive 8.56% gain. The token fluctuated within an 11% intraday range, testing the waters between $2.79 and $3.10. The breakout, which occurred at 14:00 UTC, was fueled by a hefty trading volume of 667.4 million—five times the daily average!

However, just as swiftly as it climbed, XRP faced a late-session pullback, dropping 0.47% in the final hour to settle around $3.01.

What’s Next for XRP?

As traders evaluate the technical landscape, key support levels have formed around the $2.97 to $3.00 range, while resistance remains in place from $3.08 to $3.10. The previous breakout zone between $2.84 and $2.97 has created a solid accumulation zone that could initiate further upside if sustained.

Analysts Keep a Close Eye!

With trading volumes for the breakout candle 72% above the weekly average, the prevailing market structure suggests a continuation setup is possible if XRP can maintain its ground above $3.00. However, waning volume at the end of the session hints that traders might be preparing for consolidation before launching into the next big move.

Stay Tuned!

As the market evolves, XRP enthusiasts should keep a close watch on these critical price levels and trading volumes. The excitement is far from over!