Quick overview

Live XRP/USD Chart

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XRP remains uncertain about its position and is currently trading below $3, having failed to build on the brief recovery seen between May and July. Bulls were encouraged that the worst was over when whale flows briefly turned positive during that period. However, the gains on the charts quickly faded.

 

Market watchers say that to stop the decline, whale flows need to turn positive and exceed +5 million XRP daily. Without such buying pressure from major players, XRP might be heading toward another significant correction.

The SEC approved two multi-crypto spot ETFs but delayed their launch, which added pressure on XRP. The Bitwise 10 Crypto Index Fund (BITW) was approved by the SEC to convert into an ETF on July 22. However, the launch was delayed when the agency also issued a stay order.

Furthermore, the timing couldn’t be worse. Given the signs of exhaustion in the larger cryptocurrency markets and the ongoing regulatory uncertainty, XRP needs all the support it can get. Losing whale support at this critical moment could lead to a much sharper decline. When the agency approved a rule change to allow the Grayscale Digital Large Cap Fund to become the Grayscale Digital

 

A stay order issued by the SEC also prevented Grayscale from launching the ETF, which invests in ADA, SOL, ETH, BTC, and XRP. The high of $3.3826 on August 8 could be reached with a breakout above the $3.2 resistance level. If $3.3826 is sustained, the bulls might be able to reach the all-time high of $3.6606 (Binance Exchange) on July 18. However, the 50-day Exponential Moving Average (EMA) could be exposed if the price drops below $3. In that case, XRP might test support at the low of $2.7254 on August 3.