$XRP $XRP

XRP News Today: Price Slides Below $3 Ahead of Powell’s Jackson Hole Speech

XRP Dips Below $3 Amid Market Caution

XRP has slipped nearly 7% in the past 24 hours, falling below the $3 mark as traders reposition ahead of Federal Reserve Chair Jerome Powell’s upcoming speech at the Jackson Hole symposium . This weak price action reflects a broader risk-off sentiment in crypto markets driven by macroeconomic uncertainty and speculative anxiety.

Macro Risks and Inflation Concerns Weigh on Crypto

Earlier optimism around potential Fed rate cuts following soft jobs data has taken a backseat due to a sharp uptick in wholesale inflation. This cooled expectations for imminent easing, prompting defensive selling across both crypto and equities . XRP, being part of that ecosystem, is feeling the pressure—falling around 3–4% across platforms, with prices now hovering near $2.89–$2.90 .

Technical Indicators: Support at Key Levels, But Risk Remains

From a technical standpoint, XRP is facing resistance near $3.00. It’s currently trading below the 100-hour Simple Moving Average, with sliding toward $2.85 and potentially to $2.80 if bearish pressure persists . However, some analysts note the dip into the 0.382 Fibonacci retracement level around $2.96 could signal a short-term bottom, especially after quick recoveries from lows near $2.94 .

Options Activity Reflects Mixed Sentiment

Amid price volatility, XRP options markets are buzzing. Notably, a block trade involving one million contracts of $4 strike XRP call options (expiring December 26) was executed—potentially an investor layering on a covered call strategy, betting on a price rebound toward $4 later in the year .

Overshadowed by Delayed ETF Prospects

Regulatory uncertainty remains a significant overhang for XRP. The SEC has delayed decisions on multiple spot XRP ETF applications (including those from Bitwise, Canary, and Grayscale), keeping investors on edge about the timeline for institutional-grade exposure .