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The cryptocurrency had a momentary relief on Wednesday as BTC bounced above $114k. However, the momentum was short-lived as the market is back in the red over the last 24 hours.

BTC has dropped below $113k and could soon drop to the $111k region if the bearish trend continues. Ripple’s XRP has also failed to rally above $3 and is now trading around the $2.84 support region. 

The broader crypto market was bearish in the last 24 hours following the hawkish FOMC minutes released on Thursday.

This resulted in massive profit-taking in the market, with BTC, ETH, and XRP all recording losses over the last few hours.

XRP hit the $3 mark on Wednesday, but quickly retraced as policymakers tilted towards using inflation data in establishing interest rates. The FOMC minutes released on Thursday fueled concerns among investors that the Fed may hold rates steady in its September meeting.

This resulted in XRP investors locking over $300 million in profits since Wednesday. The selling activity came from both retail traders and whales, suggesting that investors are expecting prices to remain poor in the near term. 

According to Coinglass, the XRP exchange flow shows that net inflows rose to $76.8 million, its highest level since July 19. This aligns with the profit-taking activity for XRP, as an increase in exchange net inflows suggests rising selling activity and vice versa for net outflows.

Investors are now focusing their attention on Powell’s Jackson Hole speech later today. If the speech comes with a hawkish undertone, the selling trend could continue, and XRP could dip further in the near term. 

The XRP/USD 4-hour chart remains bullish and efficient, but could soon turn bearish if XRP closes below the $2.72 support level. XRP  attempted to reclaim the $3 psychological level on Wednesday but faced a rejection amid profit-taking from investors. 

At press time, XRP is trading at $2.85 per coin. The $2.72 support continues to hold for now as investors await Powell’s speech later today. A failure to hold this level could see its price decline toward the $2.60 level for the first time since July. 

The technical indicators are currently bearish, with the RSI of 39 showing that XRP is currently under selling pressure. The MACD lines are also within the negative region, suggesting a bearish trend. 

However, if the market holds the $2.72 support zone, XRP could reclaim the $3 level and break above a descending trendline to test the resistance at $3.4 in the coming hours or days.

Reclaiming the $3.4 resistance level could allow XRP to stage a move toward its all-time high price at $3.8. 

The post XRP stays within the $2.84–$2.99 range as sellers dominate; Check forecast appeared first on Invezz

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