XRP Hits $3 Before Profit-Taking Halts Rally
XRP surged more than 6% during the trading session from August 3 at 03:00 to August 4 at 02:00 (UTC+7), climbing from $2.83 to a high of $3.03 before settling just below resistance at $3.00. The rally came amid broader altcoin strength but lost momentum as profit-taking intensified near the key $3.03 level.
Market Summary:
- Opening Price: $2.83
- Session High: $3.03
- Closing Price: $3.00
- 24H Range: $0.20 (7.4%)
- Peak Trading Volume: 110M+ vs 24H average of ~52M
The move was fueled by institutional inflows and breakout momentum, as XRP broke through resistance zones at $2.87, $2.92, and $2.97. However, increased selling at the $3.00–$3.03 range signaled hesitation to push higher, triggering a modest intraday reversal.
Technical Takeaways:
- Support: Firmed around $2.82–$2.83 on strong volume
- Resistance: $3.03 remains the top short-term barrier
- Intraday Reversal: XRP printed lower highs in the final trading hour ($3.03 → $3.01), signaling cooling momentum
- Volume Behavior: Surged during breakouts and again during the reversal phase — a pattern consistent with institutional rotation
- Last-Hour Price Action: A brief descending trend formed, with trades stalling in the final minutes as volatility subsided
Macro Context:
The move came as part of a broader rotation into high-beta altcoins. While inflation remains persistent and rate cut expectations are in flux, some traders appear to be favoring volatile assets for short-term positioning.
XRP’s strong breakout, however, may reflect a temporary rotation rather than a fundamental shift. Broader market sentiment remains cautious as macroeconomic uncertainty persists, and central banks remain noncommittal on near-term policy easing.
