XRP Drops Below $3.00 Amid ETF Delays and Security Concerns
XRP has declined under $3.00 after facing resistance, influenced by security concerns and delayed regulatory decisions.
News Background
- A security audit ranked XRP Ledger lowest among 15 blockchains.
- The SEC postponed rulings on multiple XRP ETF applications until October.
- Regulatory uncertainty and security issues prompted portfolio adjustments among trading firms.
Price Action Summary
- XRP dropped 4% from $3.02 to $2.90 between August 19 at 06:00 and August 20 at 05:00.
- Steepest decline occurred from 13:00–15:00 on August 19, with a fall from $3.04 to $2.93.
- Trading volume surged to 137.18 million during the 14:00 hour, almost double the daily average.
- Support was established as buyers defended the $2.85–$2.88 range overnight.
- Price stabilized near $2.89–$2.90, indicating balance just below $3.00.
Technical Analysis
- Resistance confirmed at $3.04 due to volume-driven rejection.
- Support zone formed at $2.85–$2.88 through repeated defenses.
- Consolidation around $2.89–$2.90 suggests exhaustion of immediate selling pressure.
- Volume increase indicates institutional repositioning.
What Traders Are Watching
- Whether $3.00 becomes support or remains a resistance level.
- Institutional flows in the $2.85–$2.90 range to assess base formation.
- Upcoming SEC rulings in October as potential volatility factors.
- Effect of security rankings on ETF approval chances.