The XRP market saw a sharp midday burst that pushed the token briefly above the $3.00 mark, driven by unusually large volume that suggests institutional participation. Prices moved from roughly $2.96 to close near $2.99 in a 24‑hour window, with a spike during the 12:00–13:00 hour that printed volumes roughly six times the daily average.
Traders identified an immediate ceiling at $3.02 after several rejections during the high‑volume hour. Buyers, however, repeatedly defended a support cluster between $2.98–$2.99, keeping the short‑term structure biased toward accumulation rather than distribution.
Key on‑chain and derivatives signals: futures open interest climbed to about $7.94B, indicating elevated positioning in the derivatives market that can amplify moves around critical price levels. Technical studies and Fibonacci extensions point to potential upside toward the $3.20–$3.60 area if momentum continues, while some analysts note a descending‑triangle breakout scenario with a measured target near $3.60.
Volume behavior is central to this move. The midday spike recorded two consecutive high‑intensity bars (116.7M and 119.0M units), well above the 24‑hour average of ~48.3M. The large, concentrated prints — plus late‑session per‑minute spikes exceeding 1.6M — are consistent with institutional bids stepping in at perceived discount levels, absorbing selling pressure and re‑establishing buys near $2.98.
What traders are watching next: the ability for XRP to sustain closes above $3.00 to flip the level into support; how price reacts to the $3.02 resistance; shifts in futures open interest that could signal leveraged positioning; and macro cues — notably Federal Reserve guidance ahead of its September policy meeting — which could move risk assets broadly.
Risk note: This is market analysis, not investment advice. Elevated open interest and concentrated volume can work both ways and may increase short‑term volatility. Traders should manage position size, use stops, and consider the macro calendar before placing directional trades.
Source: CoinDesk. Read the original coverage for full details.