As Ethereum reached a historic high of $4,880, the cryptocurrency market has entered a new round of activity. Bitcoin surged by 4.2%, reaching $117,220, while XRP also returned to the $3.05 level. This wave of upward momentum was fueled by Fed Chair Powell's dovish remarks at the Jackson Hole seminar, injecting positive sentiment into the market.

However, XRP is currently facing a fierce competition between bulls and bears. Although the Federal Reserve's optimistic attitude has boosted overall market confidence, the cloud of the SEC lawsuit still troubles XRP investors. Technically, XRP is struggling to break through the recent consolidation range, with investors closely monitoring the performance of the $2.77 support level and the $3.21 resistance level.

Market analyst CasiTrades pointed out that although XRP experienced a brief pullback, market momentum quickly recovered, with significant buying power. He emphasized that the current decline has actually reset the price mapping, shifting the resistance focus from $3.41 to $3.21. Given the strong upward momentum, $3.21 may only trigger a short pause, and XRP is expected to challenge the recent consolidation high of $3.168.

From a macro trend perspective, XRP's movement still points towards creating new highs, with an expected pullback that may be relatively mild, possibly completing within the 0.118 to 0.236 Fibonacci retracement range. If XRP can effectively break through and convert $3.21 into a new support level, it will pave the way for further advances towards $3.41 and even higher targets.

Overall, XRP's performance aligns with the strong pattern of the entire altcoin market. Analysts believe that once XRP stabilizes above $3.21, it is not only expected to challenge $3.41 but is also likely to create new price highs in the long term. Investors should closely monitor XRP's price movements, especially in the context of the current positive trend in the cryptocurrency market.