XRP experienced further declines over the last 24 hours, dropping below the $3.00 threshold after a strong rejection at resistance. A mix of concerns regarding blockchain security and postponed regulatory decisions led to significant selling and profit-taking among institutional investors.
News Background
• A security audit rated XRP Ledger the lowest among 15 blockchains, diminishing investor trust.
• The SEC postponed decisions on several XRP ETF applications, including Nasdaq’s CoinShares submission, until October.
• Increased regulatory uncertainty and security concerns prompted trading firms to adjust their portfolios.
Price Action Summary
• XRP declined 4% from $3.02 to $2.90 between August 19 at 06:00 and August 20 at 05:00.
• The largest drop 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 in the 14:00 hour, nearly doubling the daily average of 71.23 million.
• Buyers repeatedly supported the $2.85–$2.88 range overnight.
• Price steadied around $2.89–$2.90 in the last hour, indicating equilibrium just below $3.00.
Technical Analysis
• Resistance established at $3.04 with a volume-driven rejection.
• Support zone created at $2.85–$2.88 through consistent defenses.
• Consolidation at $2.89–$2.90 suggests the exhaustion of immediate selling pressure.
• Increase in volume signifies institutional realignment.
What Traders Are Watching
• Whether $3.00 will revert to support or continue to act as a resistance level.
• Institutional movements at $2.85–$2.90 to see if this level creates a foundation.
• SEC announcements in October as potential drivers of medium-term volatility.
• The influence of security assessments on ETF approval chances.
