Ripple's XRP ended last week at $3.50 but failed to maintain that level, retracing to around $3 despite positive news from the SEC legal case.
Impact of Powell’s Speech and Legal Settlement on XRP
Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium boosted the market, but XRP couldn't replicate the success. Despite the SEC's case against Ripple concluding, confirming XRP is not a security in primary market transactions, XRP's price struggled to surpass the $3.84 mark, declining by 4%.
Short-term Pressure on XRP Price
In the derivatives markets, short positions in XRP amount to $1.15 billion, while long positions stand at $489 million. This imbalance has led to increased profit-taking by bears, indicating continuing pressure on prices.
Current Situation and Predictions for XRP
At the time of writing, XRP's price is approximately $2.98, with short-term moving averages creating a narrow resistance band around $2.99. A convincing breakout above $3.10 could refocus attention on the $3.50-$3.84 range; otherwise, prices may test levels as low as $2.88.
Despite recent successes, XRP faces significant short-term pressure, and future price levels will depend on overall market conditions.
