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XRP Zooms 3% as Bitcoin Spikes on Powell Comments Institutional liquidations dominated trading as 470 million XRP were offloaded across major exchanges during the Aug. 21–22 window, triggering a sharp selloff. A massive selloff of 470 million XRP tokens led to a significant price drop and resistance at $2.92. The SEC's delay in ruling on XRP ETF applications adds to the regulatory uncertainty impacting the market. XRP's security ranking is among the lowest, further contributing to the bearish market sentiment. XRP Spiked 3% as Federal Reserve Chair Jerome Powell firmly put a September rate cut on the table on Friday, causing bitcoin and major tokens to move higher. 470 million token selloff drove volume spikes and heavy resistance at $2.92, while ETF delays and weak security rankings compound bearish pressure. News Background • Institutional liquidations dominated trading as 470 million XRP were offloaded across major exchanges during the Aug. 21–22 window, triggering a sharp selloff. • On-chain settlement volumes surged 500% to 844 million tokens on Aug. 18, one of the largest spikes this year, signaling adoption growth despite market weakness. • The SEC postponed rulings on XRP ETF applications, including Nasdaq’s CoinShares filing, now expected in October. The delay adds to regulatory uncertainty. • A security assessment placed XRPL at the lowest ranking among 15 blockchains, raising concerns about network robustness and adding to bearish sentiment.
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