XRP Slides to $2.90 as ETF Delays and Security Concerns Weigh on Sentiment
XRP extended its decline Monday, falling below the psychologically important $3.00 level after regulatory delays and blockchain security concerns triggered heavy institutional selling.
The U.S. Securities and Exchange Commission (SEC) postponed decisions on several XRP ETF applications — including Nasdaq’s filing in partnership with CoinShares — pushing the timeline into October. That uncertainty, combined with a recent audit that ranked the XRP Ledger lowest among 15 blockchains for security, sent the token sharply lower.
Market Drivers:
- Regulatory Delay: The SEC postponed multiple XRP ETF rulings, extending the decision window to October.
- Security Concerns: A third-party audit placed XRP Ledger at the bottom of a 15-chain security ranking, denting investor confidence.
- Institutional Reaction: Trading desks responded with defensive positioning amid rising regulatory and protocol risks.
Price Action:
- XRP dropped 4%, from $3.02 to $2.90 between Aug. 19 and Aug. 20 (06:00 UTC).
- The steepest losses came between 13:00–15:00 UTC on Aug. 19, when prices plunged from $3.04 to $2.93.
- Volume peaked at 137.18 million during the 14:00 hour — nearly double the daily average — signaling large-scale institutional flows.
- Buyers repeatedly defended the $2.85–$2.88 range, with the token stabilizing around $2.89–$2.90 toward the session close.
Technical Picture:
- Resistance: Confirmed at $3.04 following a volume-backed rejection.
- Support: Built around $2.85–$2.88, reinforced by multiple intraday rebounds.
- Consolidation: Price action between $2.89–$2.90 suggests selling pressure may be easing, at least temporarily.
Key Factors Ahead:
- Whether $3.00 can be reclaimed as support or remains a ceiling in the near term.
- Institutional activity near $2.85–$2.90, which could indicate a possible accumulation zone.
- October’s SEC decisions as the next major volatility driver.
- The role of security audit results in shaping future ETF approval prospects.
