Whale Sell-Off and Regulatory Delays Contribute to XRP Decline Below $3.00
XRP has dropped below $3.00, trading at $2.8 after a 3.68% decline in the last 24 hours. Trading volume increased by 0.82% to $6.85 billion. The downturn follows whale sell-offs of 470 million XRP over 10 days, reducing their holdings to 7.63 billion tokens.
Key points include:
- Large wallets (10 million to 100 million XRP) have taken profits after a recent rally above $3.39.
- XRP experienced a sharp drop from $3.04 to $2.93 on August 19 during a volume spike.
- Support is currently at the $2.85–$2.88 zone, with resistance at $3.04.
The $2.8 level is crucial; a breakdown could lead to further declines. A recovery above $3.00 is needed for bullish momentum, while analysts indicate that surpassing $3.19 is essential for a trend reversal.
Concerns grow as a security audit rated the XRP Ledger the lowest among major blockchains. Additionally, the U.S. SEC has postponed decisions on several XRP ETF applications until October, increasing regulatory uncertainty.
XRP's volatility may continue until the SEC rules on the ETF filings, making its ability to hold support levels vital for future price movement.