XRP swung nearly 6% in a volatile 24-hour session, rebounding from steep losses at $2.82 to settle at $2.93. The move was fueled by a surge in volume and aggressive support buying, even as whales offloaded and broader markets absorbed $360 million in liquidations.
News Background
- XRP has faced selling pressure amid a blockchain security downgrade that raised concerns about potential vulnerabilities.
- Whale cohorts have been active on both sides — some accelerating sales into rallies while others defended critical support levels.
- Broader crypto markets saw $360 million in liquidations as institutions rotated out of risk assets, weighing on sentiment across majors and memecoins.
- Technical analysts continue to point to $3.17 as the breakout zone that could unlock a sharp rally toward $5.00+, though bearish camps warn of a slide to $2.65 if supports break.
Price Action Summary
- XRP swung 5.69% between Aug. 20–21, carving a $0.17 range from $2.82 to $2.99.
- The token collapsed to session lows during the 13:00–15:00 UTC window before staging a sharp counterattack back to $2.93.
- Volume spiked to 155 million during the 14:00 recovery hour — nearly triple the 63 million daily average.
- Bears defended $2.99 resistance aggressively, but bulls anchored bids at $2.82, forcing a late-session rally.
- XRP closed the session at $2.93, momentum tilted toward bulls on strong volume confirmation.
Technical Analysis
- Support Zone: Buyers defended $2.82 with high conviction, validating the floor on elevated flows.
- Resistance Wall: Sellers capped moves at $2.99, setting a clear ceiling.
- Volume Surge: 155 million turnover during recovery — 2.5x daily average — marks institutional-sized buying.
- Intraday Pattern: V-shaped reversal from $2.82 to $2.93, signaling accumulation interest.
- Morning Session: XRP extended gains by 0.34%, climbing to $2.94 with hourly volumes of 580,000 vs a 470,000 norm.
- Momentum Outlook: Sustained bid flows at $2.92–$2.93 suggest breakout pressure is building.
What Traders Are Watching
- Whether XRP can crack and hold above $2.99, unlocking $3.17 as the next breakout target.
- Continued whale positioning trends — especially signs of distribution vs. accumulation around $3.00.
- Broader market spillover, with liquidations and institutional risk appetite dictating near-term flows.
- If $2.82 holds on further tests, setting a durable floor ahead of possible upside extension.
Source link
Shaurya Malwa
https://www.coindesk.com/markets/2025/08/21/volume-triples-daily-average-as-xrp-bulls-battle-usd2-99-resistance
2025-08-21 06:00:00
