XRP advanced sharply during the Aug. 22–23 session, testing multi-month resistance near $3.10 after weeks of sideways trading. The move coincided with dovish commentary from Federal Reserve Chair Jerome Powell at Jackson Hole, which reinforced expectations of a September rate cut and lifted risk sentiment across digital assets. On-chain settlement volumes on the XRP Ledger surged 500% earlier this week, adding to optimism around institutional adoption despite ongoing whale distribution. Price Action Summary • XRP gained 8.56% across the 23-hour session from August 22 at 11:00 to August 23 at 10:00, climbing from $2.83 to $3.03, according to CoinDesk Research's technical analysis data. • The token swung between $2.79 and $3.10, creating an 11% intraday range. • The breakout occurred at 14:00 UTC on August 22, with XRP surging from $2.84 to $3.03 on 667.4 million volume—five times session averages. • Late-session volatility capped the move, with XRP retreating 0.47% in the final hour to settle near $3.01. • Support has consolidated around $2.97–$3.00 while resistance remains firm at $3.08–$3.10. Technical Analysis • Breakout levels: $2.84–$2.97 accumulation zone triggered upside impulse on high volume. • Resistance: Strong supply pressure emerged at $3.08–$3.10, rejecting further advance. • Support: New floor forming at $2.97–$3.00 psychological level, repeatedly defended intraday. • Volume: Breakout candle logged 667.4 million trades, 72% above weekly average. • Structure: Pattern resembles continuation setup if $3.00 holds, though fading volume late in the session suggests consolidation before next leg. What Traders Are Watching • Whether $3.00 support holds during profit-taking, or if a deeper retrace tests $2.95. • Breakout confirmation above $3.08–$3.10 zone, which could open the path toward $3.25. • Fed policy signals ahead of the September meeting, and impact on risk asset flows. • On-chain activity, which has surged to 844 million tokens settled in a single day, signaling enterprise adoption potential. • Whale flows, as recent exchange deposits continue to weigh on intraday momentum.
