Quick overview

Live XRP/USD Chart

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Top XRP accounts reduce their long positions in anticipation of Jerome Powell’s appearance at Jackson Hole, according to Binance data, decreasing exposure ahead of one of the summer’s major macro events.

 

The shift is even more noticeable in open positions: shorts increased to 34.02 percent, while longs made up 65.98 percent, bringing the ratio down to 1.94, the lowest in weeks. This shows that although most large accounts are long, they are doing so with less weight. As of August, twenty percent of top margin users held long accounts (78–12%), while twenty-one percent held short accounts (21–88%), resulting in a 3–57 ratio.

The ratio declined to 2.87 as the proportion of longs dropped to 74.15 percent and shorts rose to 25.85 percent on August 21.

The change in open positions is even more obvious: the ratio hit 1.94, the lowest in weeks, with longs at 65.98 percent and shorts increasing to 34.02 percent. It indicates that even though most large accounts remain long, they are doing so with less weight.

XRP plunged to a three-week low of $2.83, losing 3.6 percent over the past day.

Despite several positive developments, including increased odds of approval for a spot XRP ETF, the token has dropped 22% from its peak on July 18. Additionally, XRP has fallen more rapidly than the broader crypto market, which has declined about 8 to 5.5 percent since its August 14 high in total market cap. Analysts say the altcoin is currently between the $2.97 resistance and $2.77 support levels.

Market sentiment suggests XRP could retest the $2.77 support level if Bitcoin continues its decline toward $112,000. The Relative Strength Index (RSI) suggests selling pressure may be easing. A confirmed rebound above $2.96 and $3.21 would indicate a return to the consolidation zone, supporting a bullish outlook. The macro environment will thus be ready once Bitcoin’s correction concludes.
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