Key Details:
- XRP experienced a decline, dropping below $3.00 due to concerns regarding security and regulatory delays.
- A recent security assessment indicated that XRP Ledger ranked the lowest among 15 blockchains, shaking investor confidence.
- The SEC has postponed decisions on several XRP ETF applications, including one from Nasdaq’s CoinShares, until October.
Recent Price Movements
XRP has seen a significant downturn in the last 24 hours, falling past the $3.00 threshold due to a confluence of blockchain security worries and delayed regulatory clarity that triggered substantial selling and profit-taking among institutional traders.
Background Information
- Security audits have tagged XRP Ledger as the least reliable among its blockchain peers, leading to diminishing trust from investors.
- Rulings from the SEC regarding multiple ETF applications related to XRP remain on hold until October, fostering uncertainty in the market.
Price Action Overview
- XRP’s price slipped by 4%, from $3.02 down to $2.90, between August 19 and August 20.
- The sharpest decline occurred from 13:00 to 15:00 on August 19 when the price fell significantly.
- Trading volume notably increased, averaging around 137.18 million during peak trading hours.
Technical Overview
- A resistance level has been established at $3.04, with tested support around $2.85 to $2.88 after several defenses by buyers overnight.
Trader Insights
Traders are monitoring whether the $3.00 level will serve as support or remain a rejection point, as well as awaiting SEC’s rulings in October that could significantly impact market volatility.
