XRP is trading today at around $2.90, recording a slight decline of about -1.7% over the past 24 hours, as markets prepare for the Fed Chair's speech in Jackson Hole.
1. Technical Factors: Diverging Signals
XRP has seen a break of short-term support levels, prompting traders to expect further declines if the price fails to hold above critical support areas. Technical indicators — such as MACD and RSI — have sent negative signals in recent sessions, reinforcing short-term downside risks. However, some analysts believe that staying above the $2.80–$2.85 area keeps rebound opportunities alive.
2. Fundamental Factors: The Legal Battle and Market Impact
XRP's movements cannot be separated from the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Any positive development in the legal case often supports the price, while ambiguity increases pressure.
Additionally, the currency is influenced by macroeconomic changes such as Federal Reserve policy and officials' statements regarding interest rates — which may lead to further market volatility.
3. Whale Movements and Sentiment
Large liquidations were observed by whales, amounting to hundreds of millions of XRP, coinciding with accumulations from medium-sized players — indicating volatility in sentiment between sellers and buyers alike.
Summary: At a Critical Crossroads
It can be said that XRP stands at a critical crossroads:
Positive Scenario: Maintaining support at $2.80–$2.85 with positive legal developments may drive the price to test $3.00 and beyond, especially if the Fed's statements lean towards easing.
Negative Scenario: Breaking support could push the price near $2.60 or lower, reinforcing another wave of selling.
The question remains: Will XRP survive these slides and regain its momentum, or will the challenges lead it to a deeper correction?