XRP Falls as Ripple Prime Opens Wall Street Swap Desk
XRP is down 3.04% to $1.35, underperforming a slightly negative broader market, primarily driven by a macro-induced risk-off sentiment that pressured altcoins.
The move appears consistent with a technical retest of a major support zone after a sharp rally.
Traders said a broader market pullback was triggered by hawkish Federal Reserve commentary, which dampened risk appetite and led to selling pressure across crypto assets.
The primary driver is a market-wide risk-off shift. Hawkish comments from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium on August 28 emphasised the focus on reducing inflation, tempering expectations for near-term rate cuts.
This triggered a broad crypto sell-off, with over $360 million in long positions liquidated across the market. XRP, with a high historical correlation to Bitcoin, fell in tandem as capital rotated defensively.
XRP’s drop is part of a macro-driven recalibration, not a coin-specific failure. Its direction remains tied to broader crypto market sentiment.
XRP is testing a critical support zone where 3.2 billion tokens were previously acquired between $1.35 and $1.38. The failure to hold above this area triggered selling.
The move was exacerbated by high leverage; the estimated leverage ratio for XRP on Binance recently hit a seven-month high, making the price more sensitive to liquidations. Technical indicators show the relative strength index at 30.45, signalling oversold conditions.
The drop represents a technical retest of a high-conviction demand area. High leverage amplified the move, but oversold conditions may limit immediate downside.
The immediate test is the $1.35–$1.38 support cluster. If this zone holds, XRP could aim to reclaim resistance near $1.43.
The key trigger is the CLARITY Act’s progress in the U.S. Senate after September 15, which could provide regulatory clarity.
The short-term trend is bearish unless XRP reclaims $1.43 with conviction. The macro and technical setup favours range-bound trading or further downside.
XRP’s decline is a combination of macro headwinds and a technical unwind from overbought levels. While the long-term narrative around institutional adoption and regulatory clarity remains intact, short-term price action is dominated by risk-off flows and the defense of a major support zone.
Ripple has launched a Wall Street swap desk called Delta One, handling stocks, indexes, and cryptocurrencies under a single balance sheet.
The desk integrates RLUSD as the stable digital dollar, the XRP Ledger as the settlement system, and Ripple Prime as the institutional trading and credit hub.
Versan Aljarrah, founder of Black Swan Capitalist, described XRP as the reserve asset at the center of this architecture, drawing parallels to central bank functions such as issuing money, running settlement, and intermediating credit.
He emphasised the comparison is about product design, not regulatory status. The move represents an incremental expansion strategy involving additional licenses, new markets, and extended operating hours, potentially giving institutions access to liquidity beyond traditional market sessions while requiring robust compliance and risk controls. #XRP Falls as Ripple Prime Opens Wall Street Swap Desk# XRP Price Slumps by 5% on Fed Hawkish Comment Reactions
