Ripple price prediction: $300 million profit pullback before Powell's speech, XRP falls to $2.78 support.

On August 22, the price of Ripple (XRP) fell to $2.85, with investors locking in over $300 million in profits within 24 hours, and selling pressure has noticeably increased. This pullback occurred ahead of Federal Reserve (FED) Chairman Powell's upcoming speech at Jackson Hole, with market risk aversion rising, and the technical aspect of XRP is approaching the key support level of $2.78.

FOMC hawkish minutes trigger profit taking

(Source: Santiment)

According to the FOMC minutes from July, decision-makers expressed concerns about rising inflation and hinted that they would place greater emphasis on inflation data when determining interest rates. Due to last week's inflation data being higher than expected, the market is worried that the September meeting may keep interest rates unchanged, leading to short-term pressure on the crypto market.

XRP briefly touched the psychological barrier of $3 on Wednesday, but quickly retreated. Santiment data shows that since Wednesday, XRP investors have cumulatively profited over $300 million, with sellers including both short-term and long-term holders.

On-chain and exchange data: selling pressure significant

Coinglass data shows that the net inflow of XRP to exchanges has risen to 76.8 million USD, the highest since July 19, indicating that more tokens are being transferred to exchanges in preparation for selling.

Although selling pressure in the spot market has increased, the futures market remains relatively calm, with open contracts decreasing by only 100 million XRP in the past week, indicating that the decline is not dominated by leveraged liquidations.

Technical Analysis: $2.78 as the Bull-Bear Watershed

(Source: Trading View)

Resistance levels: $3.00 (psychological barrier), $3.39 (target after breaking the descending trendline)

Support levels: $2.78 (short-term key), $2.60 (100-day SMA)

Indicator signals: RSI below neutral level indicates bearish momentum; the Stochastic Oscillator (Stoch) has entered the oversold zone, suggesting a potential technical rebound in the short term.

XRP broke below the lower boundary of the symmetrical triangle and the 50-day SMA earlier this week, indicating structural weakness. If it holds above $2.78, the price is likely to attempt a return to $3 and challenge the descending trend line; if it fails to hold, it may retest the $2.60 support level.

Short-term Price Forecast and Risk Factors

In the short term, the trend of XRP will heavily depend on Powell's speech tone at Jackson Hole:

Hawkish tone: May intensify market risk aversion, pushing XRP below $2.78 and testing $2.60.

Dovish tone: Expected to stimulate a rebound, re-challenge the $3 level and test the $3.39 resistance.

Considering that over 90% of the supply is in a profitable state, any macro bearish sentiment could trigger a new round of profit-taking.

Conclusion

XRP is currently at a crossroads of macro policy and technical pressure. The support level at $2.78 will be the core battleground for bulls and bears, while Powell's speech may become a key catalyst for short-term direction. Investors should closely monitor macro news and on-chain capital flows, adjusting their positions flexibly. For more real-time market information and professional analysis, please follow the official Gate platform.