XRP registered a notable surge on August 23, advancing from a multi-week range into a decisive breakout above the $3.00 psychological level. The token climbed 8.56% to reach an intraday high of $3.03, reversing a pattern of sideways trading and marking its strongest session since the spring consolidation phase. This sharp move was recorded during the August 22–23 23-hour period, when XRP’s intraday range expanded to $2.79–$3.10 and trading volumes spiked to more than five times their weekly average, underscoring the depth of market conviction behind the breakout.
The price action coincided with dovish commentary from the Federal Reserve Chair delivered at the annual Jackson Hole Economic Policy Symposium. Remarks suggesting that current labor market and inflation conditions could warrant policy adjustments renewed market expectations of a rate cut at the September meeting. The alignment of macroeconomic signals with risk-asset positivity contributed to a broader rally across digital currencies. XRP benefited from this risk-on environment as traders repositioned around the psychological threshold at $3.00, seeking an upside impulse that would confirm a sustained shift in sentiment.
On-chain metrics provided further reinforcement for the rally. Settlement volumes on the XRP Ledger climbed by approximately 500% during the same period, indicating a surge in transaction activity that may point to renewed institutional participation. The surge in on-chain volume contrasts sharply with prior sessions characterized by muted movement, suggesting that new capital inflows could be fueling the rally. Observers note that higher settlement volumes often presage extended price movements, as they reflect deeper liquidity taking advantage of clear technical triggers.
Technical analysis highlights multiple layers of support and resistance shaping the current setup. The accumulation zone at $2.84–$2.97 acted as a launchpad for the breakout, while the $3.08–$3.10 range serves as the immediate barrier for further gains. The breakout candle logged 667.4 million XRP in trades, representing a 72% increase over the weekly average. Volume patterns suggest that the initial momentum may be dissipating slightly, hinting at a potential consolidation phase before any fresh all-time high attempt.
Traders are now watching whether $3.00 will hold as firm support during profit-taking phases. A sustained close above this level could open the path toward $3.25 and beyond, where the next supply cluster lies. Conversely, a failure to defend $3.00 may trigger a pullback toward the mid-range floor near $2.95. Market participants remain attentive to upcoming macroeconomic releases and Fed comments that could sway risk flows and either reinforce or stall the current uptrend.
The broader implication of XRP’s price dynamics extends to its role within the enterprise settlement segment and potential on-chain use cases. Continued outperformance could attract ancillary capital, from arbitrage desks to corporate treasury functions, seeking to optimize cross-border liquidity. Should the token break firmly above $3.10 with renewed volume acceleration, it may invite technical momentum traders to target $3.50 in subsequent phases. Meanwhile, on-chain data remains a critical barometer for validating the strength of any rally in major tokens like XRP.
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