Quick overview

Live XRP/USD Chart

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Investors withdrew from the altcoin market, leading XRP to fall another 6% ahead of Powell’s speech at Jackson Hole on Friday.

 

XRP declined by 13% over the past six days. Over the last day, XRP dropped below several key support levels. The token moved below the 50-day Simple Moving Average (SMA), the $2.95 level, and the lower boundary of a symmetrical triangle pattern. If the 50-day SMA doesn’t recover, XRP could drop to the $2.78 support level

Further losses might be limited by the $2.6 level below if the decline continues.  Large investors holding between 10 and 100 million XRP tokens reduced their holdings by approximately 460 million XRP over the past week. Meanwhile, smaller whale wallets holding 1–10 million XRP added 130 million tokens to their total holdings. This shows that major XRP holders have differing outlooks. Meanwhile, since mid-January, over 93% of the circulating XRP supply has been in profit.

The average profit for holders of remittance tokens has consistently remained above 80 percent since the strong uptrend last November following President Trump’s election victory.

The token has benefited from favorable regulatory developments during Trump’s administration and the resolution of Ripple’s more than four-year legal dispute with the Securities and Exchange Commission (SEC).

However, if a bearish market shock occurs, such high profit levels could trigger significant profit-taking, especially now that the SEC’s case against Ripple is resolved and positive crypto regulations are priced in.

Powell’s speech may significantly influence how investors respond to these large profits on Friday, as market participants focus on Jackson Hole.