XRP rallied nearly 9% before pulling back just short of the critical $3 mark, capturing the attention of crypto traders eyeing a continuation of the recent upside. The surge came after dovish monetary signals from Federal Reserve Chair Jerome Powell at Jackson Hole, pushing risk appetite higher across digital assets.

Federal Reserve Remarks Trigger XRP Momentum

The recent upward movement in XRP can be partly attributed to fresh remarks by Jerome Powell, which increased expectations for a potential interest rate cut in September. This optimistic shift in central bank policy prompted a broader rise across cryptocurrencies, with XRP benefiting notably from renewed trader enthusiasm. The XRP Ledger also saw a dramatic 500% spike in settlement volumes earlier in the week, further fueling market interest and speculation about increased institutional traction—even in the face of large holders moving funds.

XRP Rally Sees Sharp Spike Before Retreat

On August 22, starting at 11:00 UTC, XRP climbed from $2.83 to a peak of $3.03 by 10:00 UTC the following day—a gain of 8.56% over the 23-hour period. The token swung between lows of $2.79 and highs of $3.10, marking an 11% intraday trading range. At 14:00 UTC during that session, a breakout move saw XRP jump from $2.84 to $3.03, backed by an impressive 667.4 million in trading volume—five times the average for the period.

Yet the rally faltered late in the session, with XRP slipping 0.47% in the final hour to settle just above $3. Support has since formed around the $2.97 to $3.00 range, while resistance near $3.08 to $3.10 remains a significant hurdle.

Technical Indicators Point to Potential Consolidation

Price action pointed to an accumulation range between $2.84 and $2.97, which triggered the breakout on heavy volume. The upper boundary at $3.10 met significant sell-side pressure, maintaining strong resistance and pausing further gains. Support has consistently shown strength at the $2.97–$3.00 zone, indicating a psychological floor that buyers are defending.

With 667.4 million trades recorded during the breakout candle—72% above the weekly average—momentum was clearly strong. However, volume declined toward the session’s end, hinting that some consolidation may occur before the next move. If $3.00 continues to hold, XRP may be forming a continuation pattern poised for a renewed leg higher.

What Market Participants Are Monitoring

As the market digests the recent XRP rally, traders are closely watching several key factors:

• Whether XRP’s support near $3.00 can withstand profit-taking, or if prices will slip toward $2.95.
• A decisive break above the $3.08 to $3.10 resistance range, which could open the door to $3.25.
• Further signals from the Federal Reserve ahead of the September policy meeting, and their impact on investor sentiment.
• Ongoing on-chain activity, which reached 844 million tokens settled in one day—an indication of possible enterprise-grade adoption.
• The effect of large wallet flows, particularly recent exchange deposits that continue to affect short-term momentum.

As XRP hovers near key resistance, traders remain focused on whether support zones can hold and whether upcoming macroeconomic cues could ignite the next leg of the rally.

Related: XRP Price: $12M Max Pain for Bears

XRP token surges near $3 amid rising volume and trader optimism.