XRP Falters Below Key Support Zone

XRP has experienced a significant rally over the past two weeks, increasing from around $1.00 to a multi-month peak of $1.70.

However, this momentum has since faded, and the asset is now struggling to remain above $1.40, which represents a 20% pullback from its previous high.

The latest pullback was exacerbated by Fed Chair Kevin Warsh's hawkish speech at Jackson Hole on Friday.

Ali Martinez, a popular analyst, has been tracking XRP's underlying activity and notes that the asset failed to hold above its 50-week exponential moving average at $1.54.

The current technical structure suggests that the next important support zone is located between $1.35-$1.38, where approximately 3.2 billion XRP were traded.