XRP drops to $1.10 as Ripple gets MiCA CASP greenlight
XRP is trading around $1.10 after dropping nearly 4% over the past 24 hours. The move comes as Ripple received preliminary approval from Luxembourg’s financial regulator for a Crypto Asset Service Provider (CASP) license under the EU’s Markets in Crypto-Assets Regulation (MiCA).
If Ripple’s approval becomes fully effective, the CASP license would allow the firm to offer regulated crypto services to banks, fintechs and other businesses across the 30 countries of the European Economic Area (EEA) using a single “regulatory passport” system. Ripple also already holds a Luxembourg Electronic Money Institution (EMI) license, which supports cross-border payment and electronic money services across the EEA.
The company says the combined EMI + CASP authorization is expected to support a unified payments infrastructure for crypto assets and stablecoins across Europe, which is important ahead of the July 1 MiCA enforcement transition deadline.
From a trading perspective, the article notes XRP’s 4-hour chart remains bearish/efficient, with MACD below the neutral zone and RSI around 32 (oversold). It highlights key downside levels near $1.05 and $0.98, while a recovery could target $1.16 first, then $1.23 if a daily close confirms.
Overall, the regulatory progress is a longer-term positive catalyst for Ripple/XRP adoption in regulated EU channels, but the market reaction right now is price weakness—making near-term volatility likely as traders weigh MiCA headlines against bearish technicals for XRP.
Neutral
This is a mixed signal. On the fundamental side, Ripple’s preliminary CASP approval under MiCA is a structural, longer-term positive for regulated crypto and stablecoin payments in the EEA—something that can improve institutional accessibility over time. Similar regulatory “passport” wins in the past across jurisdictions often translate into calmer long-term demand and stronger credibility.
On the trading side, XRP is currently weakening: nearly -4% in 24 hours, with bearish short-term indicators (MACD below neutral, RSI near oversold). When price action diverges from news catalysts, traders typically first react to momentum and technical positioning, leading to continued dips toward support before any sustained reversal.
So the expected impact is neutral overall: the MiCA headline can support sentiment and reduce regulatory risk premium in the medium/long run, but the near-term tape still looks heavy, which may keep volatility elevated until XRP regains key levels ($1.16 then $1.23) or breaks down toward $1.05/$0.98.