Altcoins have experienced a volatile start to the month, marked by a parabolic market run over a 24-hour period that saw numerous large-cap coins break through crucial resistance levels. Among them, XRP approached the $1.15 price level, which has previously served as a strong supply area and faced two rejections since July.
Technical indicators show that XRP's daily Relative Strength Index (RSI) has moved above 70, placing the asset in overbought territory. Additionally, the 4-hour RSI crossed the threshold of 80 into extremely overbought levels, raising questions about whether the altcoin will encounter a bearish reversal after testing the $1.15 resistance for a third time.
The recent upward price movement followed reports that Ripple CEO Brad Garlinghouse met with U.S. President Donald Trump and other executives. Following the spread of this news on social media, XRP's price surged by nearly 15%, marking its first significant parabolic rise in months alongside double-digit rebounds across other large-cap cryptocurrencies.
On-chain and fund data indicate broader market activity supporting the recent trend. According to DeFiLlama, the total value locked (TVL) in the XRP Ledger increased by more than 11% over a 24-hour period, while stablecoin supplies rose over 10% on a weekly basis. Concurrently, SoSoValue data showed that XRP exchange-traded funds recorded over $8 million in inflows during the week, marking the highest weekly inflows for the month of August.
