XRP has seen further losses in the last 24 hours, dipping below the $3.00 threshold following a sharp rejection at resistance. Concerns over blockchain security and postponed regulatory decisions led to significant selling and profit-taking by institutional players.
News Background
• A recent security audit rated XRP Ledger lowest among 15 blockchains, undermining investor confidence.
• The SEC has postponed decisions on several XRP ETF applications, including Nasdaq’s CoinShares submission, until October.
• Increased regulatory uncertainty and security concerns prompted portfolio shifts among major 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.
• The most significant decline occurred from 13:00–15:00 on August 19, with the price plummeting from $3.04 to $2.93.
• Trading volume surged to 137.18 million during the 14:00 hour, almost double the daily average of 71.23 million.
• Buyers defended the $2.85–$2.88 range multiple times overnight.
• The price stabilized near $2.89–$2.90 in the final hour, indicating balance just below $3.00.
Technical Analysis
• Resistance was confirmed at $3.04 with a volume-driven rejection.
• A support zone has formed at $2.85–$2.88 due to repeated defenses.
• Consolidation around $2.89–$2.90 suggests exhaustion of immediate selling pressure.
• The volume increase indicates institutional repositioning.
What Traders Are Watching
• Whether $3.00 will turn back into support or continue as a rejection level.
• Institutional flows at $2.85–$2.90 to assess if this level can establish a base.
• SEC decisions in October as potential medium-term volatility catalysts.
• Effects of security rankings on the approval chances of ETFs.
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