Dovish Fed Boosts XRP, Targets Shift to $5–$8 as Price Nears $3.10

XRP Eyes $5–$8 as Institutional Demand Strengthens Post-Ripple Ruling

XRP extended its recent rally on August 23, supported by a surge in institutional activity and growing optimism around U.S. monetary policy. The move followed dovish comments from Federal Reserve Chair Jerome Powell, which bolstered risk appetite across markets and sparked fresh interest in cryptocurrencies.

The recent price action continues to reflect investor confidence in the aftermath of Ripple’s legal clarity, with analysts now pointing to ambitious upside targets in the $5 to $8 range—provided XRP can decisively break near-term resistance.

Market Highlights

XRP rose 3%, climbing from $3.02 to $3.09 between August 23 and 24 before pulling back slightly to close near $3.02.
The token traded within a narrow $0.09 band, with volume reaching 58.8 million XRP, nearly 80% above its 24-hour average.
A strong bounce off the $3.00 support level, supported by 46.6 million in turnover, validated demand at this key psychological level.
XRP closed the session consolidating just below the local resistance zone.

Technical Picture

Resistance sits at $3.08–$3.09, where multiple high-volume rejections have occurred.
$3.00 support has been tested and held firmly, attracting buy interest on dips.
Analysts highlight the emergence of double-bottom and symmetrical triangle formations, with potential breakouts targeting $3.30 first—and $5 to $8 on a confirmed continuation.
Fiatleak reported a single $27 million XRP transaction, signaling significant institutional flow in real time.

What Traders Are Watching

Support at $3.00: Can it continue to hold as a base for the next leg higher?
Breakout above $3.30: A move through this level would confirm bullish continuation and open the door to higher targets.
Fed rate path: September’s FOMC meeting looms large, with a rate cut potentially reinforcing flows into high-beta assets like crypto.
On-chain activity: Settlement volumes surged 500% to 844 million XRP earlier this week, indicating growing network usage.
Macro correlation: Falling bond yields are driving crossover demand from equities into digital assets, further supporting crypto valuations.