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.
