XRP Falls to $2.90 Support on ETF Delays and Poor Security Rating
XRP dropped below $3.00, trading near $2.90 after a security audit ranked the XRP Ledger lowest among 15 blockchains, undermining confidence. The SEC also postponed decisions on multiple XRP ETF applications, including Nasdaq’s CoinShares filing, to October. Heavy volume and profit-taking pushed XRP to test support at $2.85–$2.88, while traders watch the $3.00 level for resistance. Volume surged to 137 million in a single hour, highlighting institutional flows. Future SEC rulings and security ratings are key volatility drivers.
Bearish
The news is bearish because the combination of significant SEC delays on XRP ETF approvals and unfavorable security audit results have undercut market confidence, prompting institutional profit-taking. Historically, similar regulatory setbacks—such as delayed approvals of Bitcoin ETFs—have led to short-term price drops and elevated volatility. In the short term, XRP may consolidate around the $2.85–$2.90 support zone, but further delays could trigger additional downside. Over the long term, resolution of ETF approvals and improved security assessments could restore confidence, yet current sentiment remains negative.