Technical Overview
XRP established a bull-flag pattern over the past 24 hours, testing $3.08 resistance on high volume before retracing to consolidate near $3.00. The token’s 3.6% intraday gain reversed earlier declines, reflecting renewed buying interest from both retail and institutional participants.
Price Action Details
- Support: $2.89, confirmed by multiple low-volume retests.
- Resistance: $3.06–$3.08, reinforced by heavy rejection at peak volumes.
- Volume: 167.6 million tokens traded during the $3.08 test, doubling the 30-day average.
- RSI: Recovered from oversold 42 to mid-50s, indicating rising momentum.
- MACD: Histogram narrowing toward a bullish crossover.
- Open Interest: XRP futures OI surpassed $1 billion, marking accelerated institutional engagement.
Market Context
Fed Chair Powell’s Jackson Hole remarks fueled optimism for policy easing, triggering a broader crypto rebound. XRP’s gains have outpaced several major altcoins in recent sessions, as traders reposition ahead of key U.S. CPI data.
Outlook and Risks
Traders will watch for a confirmed breakout above $3.08, which could open a rally toward $3.20 and higher. However, a breach below $2.89 may expose downside toward $2.80. CME open-interest growth and whale activity will be critical for validating sustained momentum.
What Traders Are Watching
- Break above $3.08 on strong volume.
- Hold of $2.99–$3.00 as psychological floor.
- CME futures funding rates for signs of institutional conviction.
Technical evidence points to a coiling setup, with the potential for accelerated gains once directional clarity emerges.
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