XRP briefly surged after Federal Reserve Chair Jerome Powell signaled a September rate cut is possible — but the rally didn’t last.
The token jumped nearly 3% alongside Bitcoin, sparking hopes that momentum had finally shifted. Yet within hours, sellers swarmed and XRP slipped back under the $3 mark, reminding traders that resistance still belongs to the bears.
$470 Million in XRP Hits the Market
The sell-off wasn’t just retail investors taking profit. Roughly 470 million XRP were unloaded by institutions across major exchanges between August 21 and 22. Trading volume spiked as the market absorbed the supply, with the sharpest rejection landing at $2.92 on nearly $69 million in volume.
That level hardened into resistance, and each attempt to break higher quickly drew offers. By the close of August 22, another round of heavy selling forced prices lower and confirmed a bearish follow-through.
ETF Delays Weigh on Sentiment
Adding to the pressure, the SEC delayed its decision on spot XRP ETF filings until October, leaving institutional money on the sidelines. The delay has raised the risk premium for XRP, keeping traders cautious each time the token nears resistance levels.
Compounding the issue, concerns about XRP’s security ranking added another reason for traders to fade strength instead of chasing rallies.
Traders Eye Support at $2.80
Support has been showing up near $2.80 to $2.85, but bids have weakened with each retest. If $2.80 fails, analysts warn a quick drop to $2.75 could follow as stop-loss orders pile up below round numbers.
For bulls, the roadmap is clear:
- A firm close above $2.92
- Followed by a decisive breakout over $3.00 with strong volume
Without that, rallies are likely to be sold and the range will keep grinding down traders.
What’s Next for XRP?
Macro conditions remain a wildcard. Softer jobs data or easing inflation would support the Fed’s cut narrative and help risk assets like XRP. Stronger data, however, could stiffen resistance and put more stress on the $2.80 shelf.
Ultimately, whale flows will dictate near-term direction. If large holders flip from dumping to absorbing supply, XRP could rebound. If selling persists, the market may stay pinned until October when ETF headlines return.
FULL COVERAGE: XRP | Cryptocurrency Market
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