XRP Pushed Into $2.90 Support Zone Amid ETF Delays, Poor Security Rankings

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.