Jerome Powell dangled the promise of a September rate cut and Bitcoin shot higher. XRP (XRP-USD) tried to join the surge with a quick 3% jump. But the move was crushed almost instantly.
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Institutions offloaded a staggering 470 million XRP between August 21 and 22, hammering the price down and locking it under $2.92 resistance. What could have been a breakout turned into another harsh reminder that sellers are still in control.
Institutions Pull the Trigger
The dump came from institutions. This was confirmed by volume spikes that left fingerprints across major exchanges. On-chain settlement even surged 500% to 844 million tokens on August 18, one of the biggest bursts this year. Adoption is real, but price action told a different story.
XRP slid 3.1% over 24 hours, falling from $2.89 to $2.80. The sharpest rejection came at $2.92 on nearly 70 million in volume. By the final trading hour on August 22, XRP sank another 2.5% on surging sell pressure, locking in a bearish continuation.
SEC Delays Add to the Pressure
The regulatory backdrop only makes things worse. The SEC pushed back decisions on XRP ETF applications, including Nasdaq’s CoinShares (SE:CS) filing, until October. This delay keeps institutional money waiting and leaves the token under a cloud of uncertainty.
Meanwhile, a security assessment ranked XRP dead last out of 15 blockchains. For traders already hesitant, headlines like this reinforce the bearish mood.
Traders Watch $2.80 like a Hawk
For now, the chart has become a battle zone. Sellers are holding the line at $2.92 while support is fading around $2.80 to $2.85. Each test of support looks weaker than the last.
If $2.80 breaks, the next stop could be $2.75 in a hurry. To flip sentiment, bulls need to smash through $2.92 and then reclaim $3.00. Until then, XRP stays pinned under pressure.
The irony is adoption metrics look strong. Settlement volumes are up, and whales are still active. But the price keeps getting dictated by institutional flows and regulatory delays.
At the time of writing, XRP is sitting at $3.0276.
