Ah, XRP, that elusive creature of the cryptocurrency world, has recently donned the cloak of oversold status on its hourly chart. One might say it has been on a rather extended vacation of profit-taking, a holiday that began in earnest at the start of August, when the broader markets decided to throw a pity party over macroeconomic concerns.
Since that fateful day on August 8, when XRP reached the lofty heights of $3.38, it has been on a downward spiral, painting the days red like a particularly dramatic sunset. The poor thing has lost its daily SMA 50 at $2.99, a level it had clung to like a lifebuoy since early July. One can only imagine the existential crisis it must be experiencing.
Now, as we enter the third day of trading below this critical threshold, XRP has plummeted to a low of $2.78 in the early Friday session. It seems to be taking the phrase “downward dog” a bit too literally.
At the time of this writing, XRP is down 2.76% over the last 24 hours, trading at a modest $2.8. Meanwhile, the broader crypto market is witnessing a liquidation frenzy, with a staggering $312 million evaporating into thin air, according to CoinGlass data. One can only hope that someone is keeping track of all this disappearing money!
As if the drama couldn’t get any thicker, the market is now holding its breath for Fed chair Jerome Powell’s speech in Jackson Hole, Wyoming. This might be his last hurrah before his term expires in May 2026, and investors are eagerly awaiting the pearls of wisdom he might drop regarding the interest rate outlook. Will he be the savior of the markets, or merely a harbinger of doom? Only time will tell.
XRP’s Oversold Signal: A Comedy of Errors
The RSI, that fickle momentum indicator, has dipped below 30 on XRP’s hourly chart, waving a little flag that says “oversold.” Below 30, we have the land of the oversold, while above 70, we find ourselves in the realm of the overbought. It remains to be seen whether XRP will confirm these oversold conditions, leading to a relief rally or, at the very least, a dead cat bounce. Because who doesn’t love a good cat bounce?
As we watch the broader crypto market for signs of recovery and gauge investor sentiment, one can’t help but wonder what XRP’s next move will be. Will it rise like a phoenix from the ashes, or will it continue its tragicomic descent?
In a glimmer of positivity, Ripple has announced a new memorandum of understanding (MOU) with SBI VC Trade, a subsidiary of SBI, indicating plans to distribute Ripple USD (RLUSD) in Japan. RLUSD, it seems, is not just a figment of our imagination, as it is issued on both the XRP Ledger and the Ethereum blockchain. Perhaps there is hope yet for our beleaguered XRP!
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2025-08-22 17:15