XRP has declined 20% from its local peak of $1.70 last Saturday, currently trading near $1.40. The asset surged 71.8% from $0.988 in the prior week but reversed after hawkish comments from Fed Chair Kevin Warsh. Analyst Ali Martinez notes active addresses on the XRP Ledger jumped over 650%, and whales accumulated 300 million tokens in 96 hours. The token failed to hold above the 50-week exponential moving average at $1.54. Support is now being tested at $1.35-$1.38, where 3.2 billion XRP were traded. Resistance lies at $1.60, $1.68, and $1.86.
XRP has fallen 20% since last Saturday’s local peak of $1.70, now struggling to stay above $1.40. The asset had staged a major recovery from under $1.00 to a multi-month high, but momentum faded after hawkish remarks from Fed Chair Kevin Warsh at Jackson Hole.
Analyst Ali Martinez tracked a surge in underlying activity, noting active addresses on the XRP Ledger jumped over 650%, from 47,180 to more than 356,000. Whales accumulated over 300 million tokens in just 96 hours, but the question is whether that demand can prevent the pullback from worsening.
The technical structure weakened after the rejection at $1.70. Martinez stated the token failed to hold above the 50-week exponential moving average at $1.54, turning attention to the $1.35-$1.38 support zone. According to the URPD, roughly 3.2 billion XRP were traded in this area, making it a critical demand level.
Market commentator CRYPTOWZRD outlined a change in structure, indicating XRP was bearish and volatile before closing lower. Holding above $1.40 was deemed crucial, but this has not been the case, as stated.
If the rally resumes, the first resistance is at $1.60, where 1.99 billion tokens were traded, followed by $1.68. The biggest obstacle sits at $1.86, where 3.47 billion XRP changed hands. A breakout above that level could open the door to the psychological $2.00 mark and up to $2.19 next.
