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XRP The crypto market absorbs major events, and XRP's rally is blocked and falls back
The crypto market is digesting major events of the past week. Bitcoin broke through $80,000 on Tuesday, setting a multi-month high, before falling back to around $78,000 on Wednesday. Traders are waiting for tonight's core PCE inflation data and Nvidia's earnings results, two catalysts that could set the tone for the Jackson Hole meeting.
Risk appetite improved overall this month, but not all tokens rose simultaneously. In particular, XRP has a much faster pullback than other varieties on the market.
According to data, XRP has fallen 6.23% in the past 24 hours to approximately US$1.38, ranking among the worst performing among the top ten cryptocurrencies by market capitalisation.
For XRP, which was the focus of the market until this week, this is a sharp reversal. In the past seven days, XRP has still risen by 35.55%, ranking second only to Hyperliquid's 38.65% weekly increase in the top ten market value, and is significantly ahead of Bitcoin, Ethereum and other mainstream currencies.
This correction stems from the previous rise that was too fast. XRP soared from around $1.00 on August 18 to an intraday high of around $1.69 in just four days, and the surge once hit the psychological barrier of $1.70. Subsequently, Bitcoin fell back from a high of US$80,000, driving the altcoins lower across the board.
One highlight is that ETFs linked to XRP (traditional funds that track their prices without directly holding cryptocurrencies) have recorded net inflows for nine consecutive trading days. This suggests that the current problem lies in leverage, not the exit of institutional funds.
XRP Price: Leveraging Effect Catches up with Gains
On the daily chart, XRP opened at US$1.4344, reaching a high of US$1.4513. The current trading price is approximately US$1.3790, and the single candle chart fell 3.86%(here refers to the current trading day or the K-line being formed, not the past 24 hours).
This brought XRP prices back into the $1.40 region-an area that shifted from resistance to support during last week's breakout and was the first time XRP regained its 200-day index moving average. Chart analysts had seen this as an early sign that the trend might reverse. Whether $1.40 can be held will determine whether this correction is a healthy correction or turns into a worse situation.
Technical indicators send contradictory signals. The Relative Strength Index (RSI, a measure of how overbought or oversold assets, range 0-100) is currently at 66.7 and is still in the bullish range, but is approaching the 70 mark-the level at which traders typically start taking profits.
The average trend index (ADX, a measure of trend strength, regardless of direction) is currently as high as 44.1, well above the confirmed trend threshold of 25, and the positive direction line (DI+) is still higher than the negative direction line (DI-), showing a bullish trend.
However, the moving averages are divided. The long and short moving averages in the chart (measured in EMA 200 and EMA 50) show that the short moving average is still below the long moving average-a structural legacy of the broader downtrend that defines the XRP chart for most of the year, even as prices have seen their fiercest rally above it in months.
Whether Bitcoin can hold the US$77,000 to US$78,000 area will affect all altcoins, including XRP. Tonight's PCE data and Nvidia's earnings report are the next catalysts that may change the situation.
Specific to the XRP, the competition is narrower and more urgent: hold on to US$1.40, and the seven-day rally can still be regarded as a normal cooling down; if the daily line closes below, a short signal suggests that sellers may push prices to the lower edge of the support area formed since the August breakout.
