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News Background
- CME Group recently announced that its suite of crypto futures has surpassed $30 billion in notional open interest for the first time, with XRP futures exceeding $1 billion in just over three months—marking the quickest pace for a new contract.
- Overall crypto sentiment improved following Fed Chair Jerome Powell’s remarks at Jackson Hole, which raised expectations for potential policy easing later this year.
- XRP continues to navigate U.S. regulatory uncertainties, even as corporate treasuries investigate cross-border payment initiatives using Ripple’s technology.
Price Action Summary
- Between 03:00 on August 26 and 02:00 on August 27, XRP rose by 3.60%, climbing from $2.89 to $2.99 within a $0.20 intraday range.
- The most significant movement occurred at 19:00 GMT on August 26 when XRP surged past $3.08 at an impressive volume of 167.60 million before facing rejection at that level.
- In the closing hour (01:21–02:20 GMT on Aug. 27), XRP fluctuated within a $0.13 range, consolidating its gains while remaining stable around the $2.99–$3.00 zone.
Technical Analysis
- Support: $2.89 continues to be a vital base after several successful retests; $2.99 is now acting as a psychological support level.
- Resistance: The area of $3.06–$3.08 serves as a short-term ceiling, bolstered by significant rejection at $3.08 on high volume.
- Momentum: The RSI has bounced back from an oversold position of 42 to the mid-50s, indicating a strengthening trend in the near term.
- Volume: During the test of $3.08, 167.60 million tokens were traded—more than double the 30-day average, clearly indicating institutional involvement.
- Patterns: The emergence of double bull-flag and rounding-bottom formations suggests a potential upward movement, with technicians setting their sights on $5.85 as a long-term breakout target.
- Compression: A series of diminishing peaks around $3.01–$3.00 in late trading reveals a coiling pattern, potentially signaling an upcoming directional move.
What Traders Are Watching
- The ability of the $2.99–$3.00 range to serve as a strong psychological support level.
- A confirmed breakout above $3.08 could signal a rally towards $3.20 and beyond.
- Downside risks persist if the $2.84 level is violated, with $2.80 being the next significant support point.
- Close attention will be given to CME open-interest growth and institutional flows for indications of sustained momentum.
