XRP News Today: Price Slides Below $3 Ahead of Powell’s Jackson Hole Speech

XRP (XRP) has fallen nearly 7% in the past 24 hours, slipping below the $3 mark on Wednesday, as crypto markets brace for Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium.

Concerns About Hawkish Fed Lead XRP, Crypto Market Lower

The token’s fall reflects broader risk aversion across crypto and equities, with markets jittery about the Fed’s next move on interest rates.

Just two weeks ago, a soft US jobs report suggested the economy was cooling, strengthening the case for rate cuts.

But that view quickly unraveled after the sharpest spike in wholesale prices in three years reignited concerns about tariff-led inflation. The mixed signals have triggered defensive selling for crypto traders, who are already wary of extended rallies.

“Markets are essentially pricing in a hawkish tone,” writes analyst ‘Easy’ on X, adding:

“Powell speaks Friday, if he hints at all, at no rate cuts. The market is front-running the move, thus the sell-off. If Powell comes in soft and leans that rate cuts are likely, we turbo rip.”

XRP, in particular, has been vulnerable after its parabolic run earlier this summer pushed nearly 94% of its supply into profit, a level historically associated with local tops.

At the Fed’s September meeting, futures markets still assign an 85% chance of a 25 basis-point cut. However, strategists warn that it could disappoint if Powell sounds overly cautious.

That includes Evercore ISI, which said on Sunday that an underwhelming message from Powell might drag equities down as much as 15% by October.

That, in turn, may spell profit-taking risks for top cryptocurrencies like XRP, now sitting atop over 400% gains from its November lows.

XRP Technical Analysis Hints at Price Rebound to $7 or More

XRP’s chart structure shared by analyst @mamagucci suggests that bulls may not yet be out of the game.

The token is forming what appears to be a large cup-and-handle pattern, a classic bullish setup that projects a long-term upside target of around $7–$7.50, over 120% above current levels.

At the same time, XRP’s daily chart shows a symmetrical triangle setup, with a potential breakout target near $3.80.

Such a move would mark the first step toward reclaiming bullish momentum after the recent sell-off and could reinforce confidence in XRP’s broader cup-and-handle breakout scenario.

What Could Change This View?

A failure to hold above its 50-day exponential moving average (EMA) near $2.93—or worse, a breakdown below the 200-day EMA around $2.45—would cast doubt on the bullish setups.

Such a move could invalidate the cup-and-handle and symmetrical triangle projections, opening the door to deeper retracements toward the $2.20–$2.00 region.

Additionally, broader macro pressures remain a risk. If Powell signals a slower path to rate cuts, risk assets could face fresh selling, dragging XRP lower regardless of technical signals.