XRP (XRP-USD) jumped after Powell signaled that a September cut is on the table. Bitcoin sprinted and XRP followed with a quick three percent pop. For a moment, it looked like momentum had finally turned the corner.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
However, the move faded fast. Heavy selling swarmed the book and the price slipped back under three dollars. What started as a clean push higher turned into a reminder that sellers still own the key levels today.
Institutions Dump XRP Tokens and Set Resistance
This was not a few retail wallets taking profit. Institutions offloaded roughly 470 million XRP across major venues between August 21 and 22. Volume spikes confirmed it and the tape told the story in real time.
The sharpest rejection hit at 2.92 on about 69 million in volume. That level hardened into resistance and every attempt to reclaim it drew quick offers. By late trade on August 22, another burst of selling knocked price lower again and locked in a bearish follow-through.
Regulators Delay ETFs and Sour the Mood
The SEC pushed back decisions on XRP ETF filings into October. This keeps big money waiting and raises the bar for any breakout before new headlines land. It also adds a risk premium that shows up each time the price reaches a ceiling.
A weak security ranking for the network added more weight. Traders who were already cautious saw another reason to fade strength rather than chase it. That mix of policy delay and optics kept dip buyers on a short leash.
Traders Test Support at 2.80
Support showed up near 2.80 to 2.85. Each retest has pulled in fewer bids than the last, which hints at tired accumulation. If 2.80 gives way the next slide toward 2.75 can come quickly because stops often stack just below round levels.
On the upside the path is obvious. Bulls need a firm close above 2.92 and then a clean push through three dollars with real volume. Without that, rallies will keep getting sold and the range will keep grinding traders down.
Markets Watch Data and Flows Next
Remember, macro still matters. A softer jobs print or calmer inflation read would keep the cut narrative alive and restore some risk appetite. Strong data would do the opposite and make that 2.80 shelf harder to defend.
Flow will decide the near term. If whales switch from selling to soaking up supply, price can turn quickly. If they keep pressing, the market will stay pinned under resistance until October brings fresh ETF news.
At the time of writing, XRP is sitting at $2.9505.
