#Major Power Trade Talks# Ripple Eyes 16% Upside — Can XRP Break Free of Resistance?

XRP climbs marginally amid wide consolidation over $3.00 before the Fed's interest rate announcement.
A severe derivatives market drop Due to risk-off attitude, Open Interest suggests market changes.
Ripple (XRP) traded sideways on Tuesday with support near $3.00 and short-term resistance at $3.20. Due to rising selling pressure and waning bullish momentum, many efforts to reverse the token's 16% drop from its record high of $3.66 have failed.
Open interest drop hinders XRP recovery
Bitcoin (BTC) dipped below $115,000 last week, causing crypto prices to pull back from their July 18 all-time high.
The sell-off, which saw XRP drop below $2.95 support, may have been caused by profit-taking and a change in market mood, particularly with significant US macroeconomic data anticipated this week.
The Fed will set interest rates on Wednesday. The Federal Open Market Committee (FOMC) meeting is expected to keep interest rates steady at 4.25% to 4.50%, but Fed Chair Jerome Powell's remarks will reveal the central bank's policy path.
“Trump’s August 1 tariff deadline, the FOMC meeting, and key U.S. employment data suggest a potentially volatile week for markets,” K33 Research said.
XRP's flat price behavior in recent days matches a reduction in futures market Open Interest. After peaking at $10.94 billion on July 22, the data below indicates a steady drop to $8.97 on Tuesday.
After decreasing from its overbought top of 88, the Relative Strength Index is stabilizing but still declining. The sell-off may continue below the short-term support level of $2.95 to $3.00 if the RSI falls below the midline, signaling a drop in purchasing pressure.
Selling pressure may be absorbed by the 50-day and 100-day Exponential Moving Averages (EMAs) at $2.74 and $2.53, keeping the price from falling below $2.50. On the other hand, breaking resistance around $3.20 might boost the uptrend toward the record high and $4.00, the next major milestone.
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