$XRP Large traders on Binance are reducing buying positions in XRP ahead of Powell's speech.
According to Binance data, the largest XRP accounts hold fewer buying positions ahead of Jerome Powell's speech in Jackson Hole, reducing risk ahead of one of the biggest economic events of the summer.
On August 20, buying accounts accounted for 78.12% among large margin users, while sales accounted for 21.88%, giving a ratio of 3.57. As of August 21, the number of buying positions decreased to 74.15%, while sales increased to 25.85%, reducing the ratio to 2.87.
The changes were evident even in open positions: buying positions accounted for 65.98%, while sales increased to 34.02%, leaving the ratio at 1.94, the lowest level in several weeks. This shows that, although most large accounts are still on the buying side, they are doing so with less weight.
The Jackson Hole Forum will take place from August 21 to 23, and Powell's speech is expected to have a significant impact on the market. The protocol of the Federal Reserve's Open Market Committee meeting, published this week, identified inflation as the main risk for the Federal Reserve, and since these remarks were written before the release of hotter consumer and producer price index data last week, Powell has more reasons to avoid giving a dovish signal.
🔸 What are the options?
Markets are still pricing in a good chance — over 80% — for interest rate cuts in September. $XRP