XRP Consolidates Near $3 After Testing $3.08 Resistance
XRP tested resistance at $3.08 on heavy trading flows before settling around the $3.00 psychological level, showing signs of a short-term consolidation phase.
Market Context
CME Group recently announced that its crypto futures suite surpassed $30 billion in notional open interest for the first time, with XRP futures crossing the $1 billion mark in just over three months — the fastest pace recorded for any new contract. Broader crypto sentiment also improved following Fed Chair Jerome Powell’s Jackson Hole remarks, which fueled expectations of potential policy easing later this year.
Despite this positive momentum, XRP continues to navigate regulatory uncertainty in the U.S., even as corporate treasuries explore cross-border payment pilots leveraging Ripple’s technology.
Price Action
Between August 26 at 03:00 and August 27 at 02:00, XRP rose 3.6%, climbing from $2.89 to $2.99 within a $0.20 intraday range. The most notable move occurred at 19:00 GMT on August 26, when XRP briefly pierced $3.08 on a trading volume of 167.6 million tokens before retreating. In the final hour (01:21–02:20 GMT, Aug. 27), the token stabilized between $2.99–$3.00, consolidating recent gains.
Technical Analysis
- Support: $2.89 remains a strong base following multiple successful retests; $2.99 is emerging as a psychological floor.
- Resistance: $3.06–$3.08 is the immediate ceiling, reinforced by the rejection at high volume.
- Momentum: RSI has recovered from oversold levels near 42 to mid-50s, indicating strengthening short-term trend.
- Volume: The $3.08 test saw 167.6 million tokens traded — more than double the 30-day average — highlighting institutional participation.
- Patterns: Double bull-flag and rounding-bottom formations suggest potential upside, with longer-term breakout targets around $5.85.
- Compression: Diminishing peaks around $3.01–$3.00 signal a coiling setup preceding a potential directional move.
Traders’ Focus
- Watch if $2.99–$3.00 can hold as solid psychological support.
- A confirmed break above $3.08 could pave the way toward $3.20 and higher.
- Downside risks remain if $2.84 fails, with $2.80 as the next key support.
- CME open-interest growth and institutional flows will be key for confirming sustained momentum.
