XRP">XRP‘s price declined today, mirroring the broader crypto market’s reaction to Federal Reserve Chair Jerome Powell’s aggressive stance on rate hikes during his Jackson Hole address.
XRP fell 1.25% to around $0.507, slightly underperforming bitcoin’s 1% dip. The hawkish tone boosted the U.S. dollar, indicating a flight to safety among investors.
Sentiment is mixed on rate hikes going forward. Markets expect a pause in September but now see a 41% chance of another hike in November, up from 32%.
In the days prior, data showed XRP whales reducing exposure. Addresses holding over 1 billion XRP dropped from 41% to 39.21% of supply in a week. Another whale recently moved $15 million of XRP to an exchange, likely increasing sell pressure.
Technically, XRP is painting a bear flag pattern, which often leads to strong downward moves after breaking support. This could result in a 20% drop to $0.40.
However, oversold daily relative strength readings point to a short-term bounce potential of around $0.54. But overall, Powell’s aggressive tone adds to existing headwinds for XRP prices.
#XRP #Powell #JacksonHole
