XRP slid 6% as major holders offloaded 460 million tokens ahead of Fed Chair Powell’s speech, with traders now watching the $2.78 support level.
Key Takeaways:
- Whale wallets, holding between 10M–100M XRP, trimmed positions by ~460M tokens in the past week.
- Price dropped below the 5-day moving average and symmetrical triangle, targeting $2.78 support.
- Market remains choppy: RSI and technical indicators lean neutral-to-bearish, but smaller whales added positions, showing divided expectations.
XRP plunged roughly 6% on Tuesday, August 19, driven by major investors reducing exposure amid uncertainty ahead of Fed Chair Jerome Powell’s highly anticipated speech at Jackson Hole. In the past 6 days, this represented a 13% drop overall, according to a report from FXStreet.
Wallets linked to whales holding 10–100M XRP shed ~460M tokens, pointing to large-scale profit-taking, especially significant with 93% of XRP’s supply still in profit since July. In contrast, mid-sized wallets (1–10M XRP) added ~130M tokens, highlighting mixed sentiment.
Technically, XRP broke key thresholds: below the 50-day SMA, the lower boundary of a symmetrical triangle, and the $2.95 level. If this breakdown sustains, $2.78 support may be tested, with further downside toward $2.60.
Live Market Snapshot: XRP Struggles Below $3.00
As of writing (9:00 AM UTC), XRP trades near $2.898, down 3.6% in 24h, with intraday range $2.86–$3.02.
Meanwhile, Investing.com’s data of XRP’s 14-day RSI is at approximately 39, signaling mild downward momentum, while MACD and ADX also suggest bearish tilt. However, TipRanks categorizes the RSI at 46 (neutral), MACD bullish, and the 50-day MA supportive (Buy), while longer-term MAs remain mixed.
Analysts Eye $2.78 Support as Whale Selling Meets Powell Uncertainty
Market watchers note that the recent sell-off aligns with broader caution across the cryptocurrency sector as investors brace for Powell’s remarks. Analysts from FXStreet highlighted that whale activity has caused the token to experience temporary downward pressure, particularly after XRP slipped below its 50-day moving average and a key triangle pattern, which are the considered critical support levels to maintain its upward momentum.
Meanwhile, sentiments remain divided. Some analysts note that mid-sized holders accumulating additional tokens could offer a stabilizing effect, potentially signaling confidence that XRP is oversold and positioned for a price rebound once macroeconomic chop relieves. However, others give warning that as long as large wallets continue liquidating and the Federal Reserve maintains a hawkish stance, downward pressure could persist in the near term.
Outlook: Will $2.78 Hold or Break?
With Powell’s speech looming, traders are cautious. Dovish signals could revive bullish momentum; hawkish tones could drive more selling. XRP’s short-term trajectory hinges on $2.78 support—holding may spark a rebound, while losing it risks $2.60. Investors closely track whale flows and Fed commentary this week.
Summary
XRP fell 6%, pressured by whale dumping of 460M tokens, slipping below its 50-day MA and triangle pattern. Price is now hovering near $2.90, with $2.78 the key support to watch ahead of Powell’s speech.
Smaller whales accumulated ~130M XRP, showing divided sentiment. If $2.78 holds, XRP may rebound; failure could drag it toward $2.60. Macro policy signals and whale activity remain central to XRP’s near-term direction.
