Why Is Ripple’s (XRP) Price Down Today?

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.