XRP Rises 3% Following Federal Reserve Chair Powell’s Comments
XRP increased by 3% following Federal Reserve Chair Jerome Powell's indication of a September rate cut, influencing upward movement in Bitcoin and major tokens. A significant selloff of 470 million tokens created resistance at $2.92, while ETF delays and security concerns contributed to bearish market sentiment.
News Background
- Institutional liquidations led to a selloff of 470 million XRP on major exchanges between Aug. 21–22.
- On-chain settlement volumes rose by 500% to 844 million tokens on Aug. 18, indicating increased adoption despite market challenges.
- The SEC delayed decisions on XRP ETF applications, including Nasdaq’s CoinShares, now expected in October.
- A security ranking placed XRPL lowest among 15 blockchains, raising concerns about network stability.
Price Action Summary
- XRP fell 3.1% from $2.89 to $2.80 between Aug. 21 and Aug. 22.
- The trading range was $0.12, with a peak at $2.92 and a trough at $2.80.
- The sharpest decline occurred at 19:00 on Aug. 21 when XRP faced resistance at $2.92 on 69.1M volume.
- XRP dropped 2.5% from $2.82 to $2.80 during the final hour of trading on Aug. 22, confirming bearish trends.
- Support was identified around $2.80–$2.85, but accumulation interest weakened with each retest.
Technical Indicators
- Resistance at $2.92 confirmed by a rejection on 69.1M volume.
- Support at $2.80–$2.85 is weakening on repeated tests.
- Volume spiked to 96M at 11:00 on Aug. 22, indicating bearish follow-through.
- The trading range of $0.12 (4.25%) reflects volatility concentration.
- A final hour selloff of 2.5% with 7.2M volume validated bearish continuation.
What Traders Are Watching
- Stability of $2.80 as support; a break could lead toward $2.75.
- Upcoming ETF-related news in October may influence institutional investments.
- Whale accumulation patterns indicate growing on-chain adoption despite price stagnation.
- Resistance zone of $2.92–$3.00 as potential breakout for bullish reversal.