XRP Surges, Stalls at $3 as Trading Volume Triples on Profit Booking

3 months ago 121

XRP surged 6% during the 24-hour trading window from August 3 at 03:00 to August 4 at 02:00, rising from $2.83 to a high of $3.03 before closing at $3.00.

The rally was driven by strong breakout momentum and institutional flows, with trading volumes exceeding 110 million during peak hours. However, the move was capped by heavy selling at the $3.03 level, where profit-taking sparked a reversal that erased part of the gains.

What to Know

XRP climbed from $2.83 to $3.03, before settling at $3.00
Trading volumes peaked at 109–110 million versus a 24-hour average of 52.2 million
Resistance was confirmed at $3.00–$3.03 following institutional selling
Key intraday breakouts occurred at $2.87, $2.92, and $2.97

News Background
The move comes amid a broader altcoin rally, as traders rotate into high-beta tokens while macroeconomic headwinds continue to pressure equities. Global inflation remains sticky, and central banks have signaled a cautious stance on rate cuts.
XRP’s strength may reflect a temporary capital shift into volatile assets as traders search for short-term gains.

Price Action Summary

Daily range: $2.83–$3.03, with a 7.4% swing
Acceleration occurred between 23:00 and 01:00 as XRP cleared multiple resistance levels
A sharp 1% pullback during the final hour saw XRP decline from $3.03 to $3.00
A descending pattern emerged with lower highs at $3.03, $3.02, and $3.01
Final four minutes saw a complete halt in trades, indicating end-of-session position locking

Technical Analysis

Support confirmed at $2.82 following volume-backed consolidation
Resistance confirmed at $3.03, with price failing to maintain breakout levels
Volume spikes during breakout and reversal phases indicate institutional activity
Price briefly entered a downward channel during the last hour of trading
Failed recovery attempt at 01:35 suggests weakening intraday momentum

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