XRP pulled back to $1.46 on August 24 as traders took profits following a powerful 45% weekly rally. According to CoinMarketCap data, the token declined 1.2% over 24 hours, reducing its market capitalization to $91.72 billion. Daily trading volume fell 23.31% to $6.07 billion, signaling weaker market participation during the consolidation.
Technical indicators point to an overheated market. The Relative Strength Index reached 80.99, firmly inside overbought territory, while the latest daily candle was down 2.46%. Analysts are watching the $1.44 support, which aligns with the 78.6% Fibonacci retracement level; holding this level could preserve the bullish structure, while a decisive break below may expose lower supports. A renewed push above $1.54 would be needed to revive upside momentum. XRP remains above the $1.12594 Bollinger Band midpoint, keeping the broader uptrend intact for now.
Macroeconomic conditions add another variable. The U.S. inflation rate stands at 3.34%, and investors are monitoring the Personal Consumption Expenditures report for further evidence on price pressures. Sticky inflation could weigh on risk-sensitive assets by reducing expectations for lower interest rates, while softer data may improve confidence. Market commentary suggests the rally has lost steam and that a deeper correction is possible if buying pressure continues to fade, but corrections are considered a normal part of the price cycle.
