Bitcoin Rally Spurs 3% Gain in XRP After Powell’s Comments

Heavy Institutional Selling Sparks XRP Selloff Despite 3% Rally on Powell’s Rate Cut Signal

August 22, 2026 — XRP experienced a sharp selloff after institutions offloaded approximately 470 million tokens across major exchanges during August 21–22, overshadowing a brief 3% price spike triggered by Federal Reserve Chair Jerome Powell’s indication of a potential September rate cut.

Powell’s comments boosted Bitcoin and key altcoins, including XRP, pushing the token higher initially. However, the massive selloff triggered strong resistance near $2.92, compounded by delays in XRP ETF approvals and a recent security rating that ranks XRP Ledger at the bottom among major blockchains.

Market Highlights

Institutional liquidations drove a significant selloff as 470 million XRP were moved across exchanges, fueling downward pressure.
On-chain settlement volumes surged by 500% to 844 million tokens on August 18, reflecting growing network usage despite price weakness.
The SEC postponed rulings on XRP ETF filings, including Nasdaq’s CoinShares application, now expected in October, increasing regulatory uncertainty.
A recent security evaluation placed XRP Ledger lowest out of 15 blockchains, sparking concerns about network security and adding to bearish sentiment.

Price Movement Summary

XRP declined 3.1% over the 24-hour period ending August 22, sliding from $2.89 to $2.80.
The token traded within a $0.12 range (4.25% volatility), between a high of $2.92 and a low of $2.80.
The most notable move was a rejection at $2.92 on August 21 at 19:00 UTC on volume of 69.1 million, marking a strong resistance level.
In the final trading hour on August 22, XRP dropped 2.5% from $2.82 to $2.80 on volume of 7.2 million, confirming bearish momentum.
Support was observed near $2.80–$2.85, although buying pressure waned with repeated retests.

Technical Indicators

Resistance solidified at $2.92, supported by high volume rejection.
Support range between $2.80 and $2.85 remains under pressure with weakening demand.
Volume surged to 96 million at 11:00 UTC on August 22, indicating sustained selling interest.
A $0.12 trading range reflects concentrated volatility.
The late-session selloff and volume spike confirm continuation of bearish trend.

What Traders Are Watching

Whether the $2.80 support holds; a breach could lead to accelerated losses toward $2.75.
Developments on ETF approvals due in October, which could influence institutional flows.
Whale accumulation patterns amid rising on-chain activity, despite subdued price action.
The $2.92–$3.00 resistance zone as a critical breakout level for bullish reversal potential.