Ripple price prediction: XRP loses the important threshold of 3 dollars, and Powell's remarks leave investors with many doubts.

The price movement of Ripple (XRP) is weak, currently reported at 3.01 USD during the Asian session today (1), with a minimum dip to 2.94 USD. The previous attempt to break through the resistance level of 3.32 USD has failed, reflecting sluggish retail demand and a change in market sentiment after the Federal Reserve (FED) interest rate decision on Wednesday. Chairman Powell's remarks have raised concerns among investors, as the Federal Reserve has taken a tough stance on interest rate cuts. Powell insisted that, in light of the potential impact of the tariff policy set to take effect on Friday, regulators will continue to adopt a wait-and-see approach and closely monitor subsequent data.

Concerns over tariff impacts make it difficult for XRP to break through the support level

The deadline for tariffs set by President Donald Trump is approaching, and countries that have not signed trade agreements will face higher export tariffs starting Friday. According to CNBC, the White House has failed to achieve its goal of signing over 200 trade agreements, having only reached 8 so far, including an important agreement made earlier this week with the European Union.

Trade negotiations with China are still ongoing, with little indication of a trade agreement being reached in the short term. The high-risk negotiations between the two economic giants have frequently encountered obstacles, particularly the recent talks held in Stockholm, which ultimately failed to reach a ceasefire agreement. The current ceasefire agreement is set to expire on August 12.

In light of the sell-off following President Trump's "Liberation Day" tariff announcement on April 2, investors in the cryptocurrency market remain on edge. With no signs of another delay, traders are bracing for a potential surge in volatility over the weekend.

Since reaching a historical high of $3.66 on July 18, interest in XRP has been declining. According to data from CoinGlass, the average open interest (OI) in futures on Thursday was $8.4 billion, down 23% from the annual peak of $10.94 billion set on July 22. As open interest (OI) represents the nominal value of outstanding futures or options contracts, the continuous decline indicates a lack of confidence in the market's ability to maintain an upward trend for the token. Additionally, the overall reduction in leveraged long positions makes XRP more susceptible to the effects of increased supply, as profit-taking activities surge in the absence of buying pressure.

Technical Outlook: XRP Bulls Defend $3.00 Support Level

(Source: Trading View)

As of Thursday when this article was written, the price of XRP remains above the support level of $3.00, with bulls quickly taking action to prevent further dips. The lower daily chart shows that the technical formation of the token leans bearish, characterized by a sell signal triggered by the Moving Average Convergence Divergence (MACD) indicator on Friday.

If the MACD indicator falls below the average line and the blue line remains below the red signal line, leading investors to reduce their exposure, then the selling pressure may exceed demand, which has significantly shrunk, as evidenced by the drop in the relative strength index (RSI) extending to the midline.

Traders are focusing on key areas such as the support level at 3.00 USD and the 2.95 USD tested on Thursday. If selling pressure intensifies, the 50-day Exponential Moving Average (EMA) at 2.77 USD is expected to provide support. However, the price may rebound above the 3.00 USD support level, thereby breaking through the next key resistance level at 3.32 USD and surpassing the historical high of 3.66 USD.

Conclusion:

Ripple (XRP) is currently facing multiple pressures, including the "hawkish" remarks from Federal Reserve Chairman Powell and uncertainties in tariff policies. Despite bulls trying to defend the $3.00 support level, technical indicators show bearish signals. Whether XRP can hold the key support level will be crucial for its short-term price movement.