XRP rallied toward the $3 mark in the past session, with trading volume spiking more than 6% above its weekly baseline.
News Background
• XRP’s rally comes amid broader crypto stabilization, with altcoins tracking modest inflows after last week’s drawdown.
• On-chain data flagged institutional-sized flows, with nearly 155 million in XRP turnover during recovery periods, far above the 63 million daily average.
• Market chatter initially suggested XRP was hitting new highs, though the actual all-time peak remains $3.84 from January 2018 — underscoring that this is a recovery test, not price discovery.
Price Action Summary
• XRP swung 5.1% between $2.84 and $2.99 in the 23-hour window from Aug. 20 13:00 to Aug. 21 12:00.
• The strongest push came around 19:00 UTC on Aug. 20, when the token surged from $2.84 to $2.99 on 80.6 million volume.
• Subsequent sessions showed consolidation, with repeated bounces in the $2.89–$2.93 range, confirming it as interim support.
• A sharp whipsaw in the final hour (Aug. 21 11:03–12:02) saw an 8.6% swing: from $2.916 to $2.901 on 960,000 units, before stabilizing.
Technical Analysis
• Support: $2.89–$2.93 zone shows multiple strong bounces on above-average participation.
• Resistance: $2.99–$3.00 psychological ceiling caps momentum; repeated rejections visible.
• Volume: 80.65 million during the rally vs. a 24-hour baseline of ~63 million.
• Pattern: Sideways consolidation following bullish impulse; momentum tilting slightly downward.
What Traders Are Watching
• Whether $2.93 support holds in the short term or gives way to a retest of $2.82.
• Break above $3.00 as a potential trigger for trend continuation.
• Volume sustainability — if flows taper, bulls risk losing control.
Source link
Shaurya Malwa
https://www.coindesk.com/markets/2025/08/21/xrp-whipsaws-on-usd2-84-usd2-99-range-as-bulls-eye-breakout-above-usd3
2025-08-21 15:56:00
