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The US Securities and Exchange Commission (SEC) recently made headlines by granting approval for Bitwise’s new spot crypto ETF, which includes XRP. However, just as the crypto community began celebrating, the SEC issued a stay order, putting the launch on hold. This means the ETF cannot officially go live yet. The reason? The SEC wants more time to review the decision at the Commission level.
This delay is similar to how the SEC has handled other altcoin-related ETFs in the past, such as the Grayscale Digital Large Cap ETF. So while there is some progress for XRP’s inclusion in major investment products, the final decision is still pending.
XRP Price Reacts With a Dip
Amid this mixed news, XRP’s price took a hit. It dropped by 7% and is now trading around $3.26. On the lower timeframes, XRP is showing signs of stability. Despite failing to break out on Monday, the price has not collapsed. Instead, it’s consolidating within a narrow range, which shows that a breakout may be coming soon. However, whether it will be to the upside or downside is uncertain.
If XRP manages to break above $3.57 with strong trading volume, it could climb to $3.75, and potentially eye the $4 mark in the near future. On the flip side, if the price drops further, there’s a risk of a further decline, possibly down to $3.10.
XRP Price Drop Was Expected
XRP’s recent dip isn’t a surprise, says Casi Trades. The price drop is following a very specific pattern, and it’s moving just as predicted. Now, the next move looks like it will take XRP to around $3.21.
Source: CasiTrades
This level is important because both small and large technical indicators line up there. But if XRP struggles to hold above $3.40, another drop back to $3.20 could be in store before the pattern ends.