XRP Eyes $3.20 as Bull-Flag Pattern Forms, Key Support at $2.89

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7 months ago

News Background

CME Group recently said its crypto futures suite surpassed $30 billion in notional open interest for the first time, with XRP futures crossing $1 billion in just over three months — the fastest pace for a new contract.
Broader crypto sentiment improved after Fed Chair Jerome Powell’s Jackson Hole remarks, which boosted expectations of policy easing later this year.
XRP continues to trade under the shadow of U.S. regulatory uncertainty, even as corporate treasuries explore cross-border payment pilots with Ripple’s technology.

From August 26 at 03:00 to August 27 at 02:00, XRP gained 3.60%, rising from $2.89 to $2.99 within a $0.20 intraday band.
The sharpest move came at 19:00 GMT on August 26, when XRP pierced $3.08 on extraordinary 167.60 million volume before rejecting at that level.
In the final hour (01:21–02:20 GMT on Aug. 27), XRP oscillated within a $0.13 corridor, consolidating gains while holding steady near the $2.99–$3.00 zone.

Support: $2.89 remains the key base after multiple successful retests; $2.99 now acting as a psychological floor.
Resistance: $3.06–$3.08 is the near-term ceiling, reinforced by the heavy rejection on high volume at $3.08.
Momentum: RSI recovered from oversold 42 to the mid-50s, suggesting strengthening near-term trend.
Volume: 167.60 million tokens changed hands during the $3.08 test — more than double the 30-day average — a clear sign of institutional participation.
Patterns: Double bull-flag and rounding-bottom structures highlight potential upside, with technicians eyeing $5.85 as a longer-term breakout target.
Compression: Diminishing peaks around $3.01–$3.00 in late trading indicate a coiling setup ahead of a directional move.

Whether $2.99–$3.00 can hold as a solid psychological support.
A confirmed break above $3.08 potentially opens a run to $3.20 and beyond.
Downside risks remain if $2.84 is breached, with $2.80 as the next key level.
CME open-interest growth and institutional flows will be watched closely for confirmation of sustained momentum.