Fed Dovish Turn Lifts XRP Toward $3.10, Analysts Eye $5–$8 Targets

News Background XRP extended its rally on August 23 as institutional trading volumes spiked above averages, reinforcing bullish sentiment after weeks of ￰0￱ move coincided with dovish remarks from Fed Chair Jerome Powell at Jackson Hole, which strengthened expectations of September rate cuts and triggered rotation into risk assets, including ￰1￱ clarity following Ripple’s litigation outcome continues to support institutional flows, while analysts now point to ambitious $5–$8 targets should XRP break decisively above near-term ￰2￱ Action Summary • XRP climbed 3% during the 24-hour period from August 23 at 15:00 to August 24 at 14:00, rising from $3.02 to $3.09 before consolidating back at $3.02. • The token traded in a $0.09 band, peaking at $3.09 on elevated 58.8 million volume—well above the 24-hour average of 33.2 million. • Support formed near $3.00 during the 11:00 candle on 46.6 million turnover, validating demand at the psychological level. • XRP ended the session near $3.02, suggesting renewed momentum while consolidating below ￰3￱ Analysis • Resistance remains firm at $3.08–$3.09, defined by high-volume rejection during the midnight rally. • Support solidified around $3.00 after multiple bounces with above-average participation. • Volume spikes confirm institutional flows, with $27 million worth of XRP reported transacted in one minute by fiatleak. • Chart structures resemble double-bottom and symmetrical triangle patterns, which analysts suggest could extend gains toward $3.30 and, if breached, open a path to $5–$8.

What Traders Are Watching • Whether $3.00 holds as a durable floor during profit-taking phases. • A decisive breakout above $3.30 resistance as the trigger for higher-range targets. • Fed policy trajectory ahead of September—rate cut confirmation would likely sustain flows into risk assets. • Whale wallet accumulation and on-chain settlement volumes, which spiked 500% to 844 million earlier in the week. • Broader correlation with equities, as lower yields continue to push crossover inflows into digital assets.