Why Is Ripple’s (XRP) Price Down Today?
Main Idea
XRP experienced significant price volatility in July, reaching a new all-time high above $3.6 before facing resistance and declining, amid positive developments such as support from South Korea's BDACS and rumors of a BlackRock XRP ETF.
Key Points
1. XRP broke out of its consolidation range at $2.2-$2.3 in mid-July, reaching a new all-time high above $3.6.
2. The price later dropped to $2.73 as whales sold large quantities, but rebounded to $3.1 before declining again to $2.9, marking a 6.5% daily drop.
3. South Korea's BDACS announced support for XRP, and rumors suggested BlackRock might enter the XRP ETF market.
4. Japan's largest banking group, SBI Japan, filed to launch ETFs tracking Bitcoin and XRP, as revealed in its Q2 report.
5. Despite these positive developments, XRP continues to struggle below the $3 resistance level.
Description
TL;DR Ripple’s native token was rejected at $3.1 yesterday and nosedived by over 6% in the following hours to a low ot $2.9. This particular price drop comes in a rather surprising period, as Ripple and its cryptocurrency have seen some enhanced adoption developments lately. XRPUSD. Source: TradingView XRP’s Price Struggles Looking on a monthly scale, XRP managed to do the unthinkable in mid-July when it broke out of its consolidation range at around $2.2-$2.3 and shot up to a new all-time high ...
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