The SEC’s delay on XRP ETF applications has increased market uncertainty.
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.
