XRP Soars by 3% as Bitcoin Rises Following Powell’s Remarks
Institutional liquidation led to a significant sell-off of 470 million XRP across major exchanges from August 21 to 22, causing a sharp drop in XRP’s price. The market also reacted positively to comments from Federal Reserve Chair Jerome Powell, indicating a potential rate cut in September.
Key Highlights
- XRP experienced a 3.1% decline from a price of $2.89 to $2.80 during the 24-hour period applicable.
- There’s now a resistance at $2.92 following large volumes of XRP sell-offs.
- The SEC is delaying its decisions on XRP ETF applications, contributing to market uncertainty.
Important Market Insights
- Institutional liquidations represented a significant portion of trading activity during the specified window.
- On-chain settlement volumes surged by 500%, indicating positive growth in market adoption.
- The XRP blockchain received a low security assessment, raising concerns about its stability.
Upcoming Concerns for Traders
- Monitor whether the $2.80 support can hold; a breach may lead to further losses.
- Watch for October’s ETF decisions that could significantly influence market directions.
- Whale accumulation and regulatory changes remain focal points as traders assess future market trends.
