In a whirlwind 24 hours, XRP stormed past the $3 mark to hit $3.05, a 4.45% gain from its previous close of $2.92. This leap, occurring between the evening of August 3 and the night of August 4, was fueled by an explosive swell in trading volumes, marked by a staggering $33 million transacted in just one minute. Despite reaching this new milestone, XRP faces technical hurdles, with machine-learning forecasts eyeing a climb to $3.12 by the end of August.
A Closer Look at the Surge
Traders witnessed XRP breach the crucial $3.00 psychological barrier, peaking during the 13:00–14:00 trading hour. This surge saw activity spike to an astonishing 151.97 million trades, driven in part by institutional players who unloaded $2.10 billion in sell flows. Meanwhile, leveraged long positions valued at $14 million were opened, signaling a complex interplay of market forces. This follows a pattern of market volatility, as seen in XRP and Dogecoin Erase Explosive Weekly Gains—Should Traders Worry?.
Interestingly, the one-minute $33 million volume surge stands out as one of the most substantial spikes in XRP’s history. Yet, this aggressive trading activity hasn’t come without its caveats. According to the TD Sequential indicator, a sell signal on the three-day chart suggests we might be looking at a short-term peak.
The Regulatory Cloud
A looming cloud of uncertainty is the anticipated August 15 update from the SEC regarding XRP’s regulatory status. The decision could dramatically influence the token’s trajectory. As crypto analyst Jenna Liu points out, “The market’s on tenterhooks. The SEC’s ruling could either propel XRP to new heights or send it spiraling.” Indeed, with machine-learning models predicting a modest rise to $3.12 by month-end, traders are keeping a keen eye on regulatory developments. For a deeper dive into the regulatory implications, see our coverage of the SEC’s latest guidance.
Market Dynamics and Technical Indicators
The price action saw XRP flirt with $3.08 before retreating slightly to $3.05, establishing $3.09 as a formidable resistance level. Despite this, support remains firm at $2.97, as evidenced by the robust volumes of 57.65 million and 44.77 million recorded in the early hours of trading.
Technically, the TD Sequential’s 9-count sell signal could hint at an impending consolidation phase. Nevertheless, the Relative Strength Index (RSI) on hourly charts remains elevated but hasn’t hit dangerously overbought levels. This could suggest room for further upside, provided the market conditions align favorably. However, what remains in focus is whether XRP can sustain its momentum above $3.00 as we head into the weekend.
Looking Ahead: Uncertainties and Opportunities
The crypto community is abuzz with speculation. Will institutional traders jump back in at $3.10, or will they wait for the dust to settle post-SEC update? There’s also the question of whether long positions will amass at the current levels, given the favorable machine-learning predictions.
For now, the market seems to be holding its breath, eagerly anticipating whether XRP’s newfound momentum can withstand the potential headwinds of regulatory scrutiny. As August unfolds, traders find themselves at a crossroads, pondering the implications of the SEC’s impending decision while navigating the volatile waters of the crypto markets. The next few weeks promise to be anything but dull.
Source
This article is based on: XRP Breaks $3 With $33M Traded in a Minute. Here’s What Analysis Predicts Next
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
