XRP continued its upward momentum between August 13 at 04:00 and August 14 at 03:00, jumping from $3.24 to $3.33, marking a 3.10% increase. The price fluctuated within a range of $0.14, from $3.20 to $3.34, showing 4.20% volatility driven by significant institutional buying.
The most notable move occurred at 13:00 when XRP broke through the $3.27 resistance level with a trading volume of 217.4 million, almost three times the daily average. This was followed by sustained buying activity overnight, with volumes exceeding 117 million in subsequent hours. Support levels were established around $3.20-$3.22, while profit-taking was observed at $3.34 towards the end of the session.
Price Movement Overview
- XRP saw a 3.10% increase, rising from $3.24 to $3.33, reaching a high of $3.34 and a low of $3.20.
- The breakthrough of the $3.27 resistance level at 13:00 on significant volume indicated substantial accumulation.
- Consistent high volumes during overnight sessions, well above the usual 81.7 million, reinforced the upward trend.
- New support was established at $3.33 following intraday peaks at $3.34, with immediate targets set at $3.35-$3.36.
Background and Analysis
- Ripple and the SEC ended all appeals, bringing an end to years of legal disputes and regulatory uncertainties.
- Market analysts are likening the current XRP surge to the 2017 rally, with some predicting potential price targets ranging from $6 to $8 based on sustained positive momentum.
- Institutional investments are reshaping market dynamics, evidenced by significant liquidity absorption at critical resistance levels.
Technical Breakdown
- Price range: $3.20-$3.34, with volatility at 4.20%.
- Significant breakout level at $3.27, surpassed with high trading volume.
- Primary support remains strong in the $3.20-$3.22 range, backed by substantial trading volume.
- Resistance observed at $3.34, leading to profit-taking activities at the session close.
- Intraday patterns suggest a continuation towards $3.35-$3.36.
Market Outlook
- Focus on whether the $3.33 support level will hold, potentially driving the price towards $3.40 in the near future.
- Continuous institutional buying above average levels indicates deeper accumulation and market confidence.
- Watch for broader market reactions to Ripple’s legal resolution, which could impact other altcoins facing regulatory uncertainties.
