XRP Rallies 8% as Dovish Fed Boosts Volume; Targets $5–8
XRP rallied 8.56% from $2.83 to $3.09 after Fed Chair Jerome Powell’s dovish comments at Jackson Hole reignited risk appetite. The breakout above $3 triggered a 5x surge in on-chain volume on the XRP Ledger and nearly doubled institutional trading volume to 58.8 million, underscoring growing institutional flows amid positive regulatory clarity from Ripple’s legal win. Price now faces resistance at $3.08–$3.10, with support at $3.00. Analysts highlight a double-bottom and symmetrical triangle pattern that could clear the way for a breakout above $3.30, targeting $5–$8. Traders are monitoring on-chain volume, the $3 support floor, and upcoming Fed policy signals for clues on the next move.
Bullish
Fed Chair Powell’s dovish remarks have reignited risk appetite, driving XRP above the key $3 threshold and triggering a five-fold increase in on-chain volume alongside doubled institutional flows. Positive regulatory clarity from Ripple’s legal victory further underpins demand. Technically, the formation of a double-bottom and symmetrical triangle suggests strong upside potential toward $3.30 and beyond, with analysts eyeing $5–$8 targets. Together, these factors point to continued bullish momentum for XRP in both the short and medium term.