Speaking at the Jackson Hole symposium, Fed Chair Jerome Powell allowed for a cautious rate adjustment if labor market conditions worsen, raising hopes among investors for a dovish shift in September. However, July data released late last week, which showed core CPI rising from 2.8% to 2.9%, made many traders doubt an imminent rate cut. Market participants now await the August labor report on Friday at 14:30 (GMT+2), which will largely shape the Fed’s next steps.

Additional downward pressure comes from large “whales” who have been selling off BTC in recent weeks, reallocating capital into altcoins and other assets. This dynamic is contributing to the continued decline in XRP/USD, though the medium-term fundamentals remain positive for cryptocurrencies thanks to regulatory leniency toward the digital asset sector. Notably, the SEC and CFTC issued guidance clarifying that current U.S. law does not prevent regulated exchanges—domestic or foreign, such as national securities exchanges (NSEs), designated contract markets (DCMs), or foreign boards of trade (FBOTs)—from listing spot crypto products, including those with leverage and margin functions. As for XRP specifically, the SEC is expected to rule on exchange-traded funds (ETFs) based on the token in October, which could spur fresh investor interest and price growth.

Support and Resistance Levels

The instrument trades within a short-term downtrend and is likely forming a “descending triangle” with its base at 2.7344 (Murray [2/8]), currently under active testing. A breakdown below this level could trigger declines toward 2.5391 (Murray [1/8]), 2.3438 (Murray [0/8]), and 2.1484 (Murray [–1/8]). For bulls, the key level is 3.1250 (Murray [4/8]), reinforced by the upper Bollinger Band; a breakout here could open the way toward 3.5156 (Murray [6/8]) and 3.6620 (near historical highs).

Technical indicators lean bearish: Bollinger Bands are turning downward, while the Stochastic is bouncing up from oversold territory, suggesting the possibility of a corrective rebound—though its potential looks limited. Meanwhile, MACD is expanding in the negative zone.

  • Resistance levels: 3.1250, 3.5156, 3.6620

  • Support levels: 2.7344, 2.5391, 2.3438, 2.1484

Trading Scenarios

  • Sell Scenario: Short positions may be considered below 2.7344 with targets at 2.5391, 2.3438, and 2.1484, stop-loss at 2.8800. Implementation horizon: 5–7 days.

  • Buy Scenario: Long positions could be opened above 3.1250 with targets at 3.5156 and 3.6620, stop-loss at 2.9600.

Scenario

  • Timeframe: Weekly

  • Recommendation: SELL STOP

  • Entry Point: 2.7340

  • Take Profit: 2.5391, 2.3438, 2.1484

  • Stop Loss: 2.8800

  • Key Levels: 2.1484, 2.3438, 2.5391, 2.7344, 3.1250, 3.5156, 3.6620

Alternative Scenario

  • Recommendation: BUY STOP

  • Entry Point: 3.1255

  • Take Profit: 3.5156, 3.6620

  • Stop Loss: 2.9600

  • Key Levels: 2.1484, 2.3438, 2.5391, 2.7344, 3.1250, 3.5156, 3.6620