News Background
- XRP extended its late-August advance, climbing nearly 9% on the week while trading tightly around the $3.00 psychological level.
- Gemini launched an XRP-rewards Mastercard with WebBank, offering up to 4% cashback in XRP. The release pushed Gemini ahead of Coinbase in U.S. iOS app rankings.
- Institutional flows into XRP-linked products reached an estimated $25 million daily, adding depth to the market backdrop.
- Analysts continue to monitor breakout setups, with longer-term technical targets cited near $27 if the current compression phase resolves upward.
Price Action Summary
- Across the 24-hour session ending August 27 at 04:00 GMT, XRP traded in a $0.09 band between $2.95 and $3.05, closing at $2.98 for a 1.3% intraday decline.
- The heaviest activity came at 20:00 GMT, when volumes surged to 273.15 million — more than 4x the 62.47 million daily average — as XRP briefly touched $3.05 before sellers capped the move.
- In the final hour (03:04–04:03 GMT), XRP consolidated within a $0.11 range from $2.97–$3.08, with repeated tests of $2.975 support holding firm.
- Volume spikes of 1.31M at 03:59 and 1.19M at 03:07 GMT coincided with short-lived rallies toward $2.99 resistance.
Technical Analysis
- Support: $2.975–$2.98 remains the key psychological floor after multiple successful defenses.
- Resistance: $3.02–$3.04 continues to cap upside attempts amid heavy sell pressure.
- Momentum: RSI steady in mid-50s reflects neutral bias; MACD histogram converging toward potential bullish crossover.
- Volume: 273M peak turnover underscores institutional presence but also highlights strong profit-taking at resistance.
- Patterns: Ongoing consolidation near $3.00 suggests a base-building phase, with potential continuation if resistance at $3.04 breaks.
What Traders Are Watching
- Bulls target $3.20 if the $3.02–$3.04 resistance band is cleared.
- Bears highlight $2.96 as the first downside trigger, with $2.94 as the next level below.
- Market desks are watching whether Gemini’s Mastercard launch drives incremental retail flows into XRP.
- Institutional inflows above $25M daily remain critical for sustaining momentum.
Source link
Shaurya Malwa
https://www.coindesk.com/markets/2025/08/28/xrp-faces-usd3-04-resistance-as-rsi-neutral-macd-turns
2025-08-28 05:47:00
