6 hours ago
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XRP extended losses in the past 24 hours, slipping under the $3.00 mark after a sharp rejection at resistance. A combination of blockchain security concerns and delayed regulatory decisions drove heavy selling and profit-taking across institutional desks.
News Background
• A security audit ranked XRP Ledger lowest among 15 blockchains, eroding investor confidence.
• The SEC delayed rulings on multiple XRP ETF applications, including Nasdaq’s CoinShares filing, until October.
• Heightened regulatory ambiguity and security doubts fueled portfolio adjustments at major trading firms.
Price Action Summary
• XRP fell 4% from $3.02 to $2.90 between August 19 at 06:00 and August 20 at 05:00.
• The steepest drop came from 13:00–15:00 on August 19, when price collapsed from $3.04 to $2.93.
• Volume spiked to 137.18 million in the 14:00 hour, nearly double the daily average of 71.23 million.
• Buyers defended $2.85–$2.88 multiple times overnight.
• Price stabilized near $2.89–$2.90 in the final hour, showing balance just under $3.00.
Technical Analysis
• Resistance confirmed at $3.04 with volume-driven rejection.
• Support zone established at $2.85–$2.88 through repeated defenses.
• Consolidation at $2.89–$2.90 signals exhaustion of immediate selling pressure.
• Volume surge highlights institutional repositioning.
What Traders Are Watching
• Whether $3.00 flips back into support or remains a rejection barrier.
• Institutional flows at $2.85–$2.90 to determine if the level forms a base.
• SEC rulings in October as medium-term volatility drivers.
• Impact of security rankings on ETF approval prospects.
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