3 hours ago
XRP Spiked 3% arsenic Federal Reserve Chair Jerome Powell firmly enactment a September complaint chopped connected the array connected Friday, causing bitcoin (BTC) and large tokens to determination higher.
470 cardinal token selloff drove measurement spikes and dense absorption astatine $2.92, portion ETF delays and anemic information rankings compound bearish pressure.
News Background
• Institutional liquidations dominated trading arsenic 470 cardinal XRP were offloaded crossed large exchanges during the Aug. 21–22 window, triggering a crisp selloff.
• On-chain colony volumes surged 500% to 844 cardinal tokens connected Aug. 18, 1 of the largest spikes this year, signaling adoption maturation contempt marketplace weakness.
• The SEC postponed rulings connected XRP ETF applications, including Nasdaq’s CoinShares filing, present expected successful October. The hold adds to regulatory uncertainty.
• A information appraisal placed XRPL astatine the lowest ranking among 15 blockchains, raising concerns astir web robustness and adding to bearish sentiment.
Price Action Summary
• XRP declined 3.1% successful the 24-hour league from Aug. 21 13:00 to Aug. 22 12:00, falling from $2.89 to $2.80.
• The token ranged $0.12, a 4.25% volatility band, betwixt a $2.92 highest and $2.80 trough.
• The sharpest determination occurred astatine 19:00 connected Aug. 21, erstwhile XRP was rejected astatine $2.92 connected 69.1M volume, confirming large resistance.
• Final hr trading (Aug. 22 11:24–12:23) saw XRP driblet 2.5% from $2.82 to $2.80 connected surging measurement of 7.2M, confirming bearish continuation.
• Support emerged adjacent $2.80–$2.85, but accumulation involvement weakened with each retest.
Technical Indicators
• Resistance hardened astatine $2.92 connected 69.1M measurement rejection.
• Support identified astatine $2.80–$2.85 zone, though weakening connected repeated tests.
• Volume spiked to 96M astatine 11:00 Aug. 22, confirming bearish follow-through.
• Trading scope of $0.12 (4.25%) highlights volatility concentration.
• Final hr selloff of 2.5% with 7.2M measurement validated bearish continuation.
What Traders Are Watching
• Whether $2.80 tin clasp arsenic support; a interruption risks acceleration toward $2.75.
• ETF-related headlines, with October decisions cardinal to broader organization flows.
• Whale accumulation patterns — on-chain adoption growing, but terms failing to bespeak fundamentals.
• $2.92–$3.00 absorption portion arsenic breakout trigger for bullish reversal.
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