Crypto traders are heading into another closely watched session after Bitcoin briefly moved above $80,000 earlier last week, only to retreat toward $78,000. Attention is now turning to core PCE inflation figures and Nvidia’s quarterly results, with both events expected to influence broader market sentiment in the wake of the Jackson Hole gathering.
Although risk-taking has strengthened during August, gains have been uneven across major digital assets. XRP, for instance, surrendered part of its recent advance more rapidly than most leading tokens.
XRP was trading near $1.38 after falling 6.23% over 24 hours, according to CoinMarketCap figures. That represented the steepest daily decline among the ten largest cryptos by market value.
The drop comes despite a powerful weekly performance. XRP remained up 35.55% over seven days, second only to Hyperliquid among the largest ten cryptocurrencies. Its weekly return has also significantly exceeded those of Bitcoin and Ethereum.
The rally accelerated rapidly two weeks ago. XRP climbed from approximately $1.00 on Aug. 18 to almost $1.69 by Aug. 22. The token briefly approached the $1.70 psychological threshold before weakness in Bitcoin spread across the wider altcoin market.
There is, however, evidence that investors have not abandoned XRP entirely. Exchange-traded funds tied to the token have recorded nine consecutive sessions of net inflows. That trend may indicate that the latest decline is being driven more by leveraged traders reducing exposure than by institutions exiting the market.
On the daily chart, XRP started around $1.434, reached $1.451 and later slipped toward $1.379. The retreat has brought the token back toward the $1.40 area, a level that became support following last week’s breakout. It also marked the point where XRP moved back above its 200-day exponential moving average, a development viewed by some technical analysts as evidence of improving momentum.
Technical signals remain divided. XRP’s Relative Strength Index stood at 66.7, maintaining a constructive reading while approaching the 70 level commonly associated with overbought conditions. Meanwhile, the Average Directional Index was at 44.1, indicating a strong trend, while the positive directional indicator remained above its negative counterpart.
Moving averages offer a less convincing picture. The 50-day EMA remains below the 200-day EMA, reflecting the longer-term weakness that has persisted despite August’s sharp recovery.
For the broader crypto market, Bitcoin’s ability to remain above roughly $77,000 to $78,000 could prove important. For XRP, the key test is closer to home. Holding $1.40 could leave the recent surge looking like a routine correction. A daily close beneath that level, however, could open the door to a deeper retreat toward the next established support area.
The coming weeks will provide more market data that companies like Circle Internet Group (NYSE: CRCL) can rely upon to analyze which way the market could go in the months ahead.
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