Continued delays to exchange-traded fund (ETF) approvals and poor marks for security are conspiring to drag the price of %Cryptocurrency XRP (CRYPTO: $XRP) lower.
XRP extended losses this week, falling below the key support level of $3 U.S. The cryptocurrency's price has declined 5% in the past month.
The latest decline comes after a security audit ranked XRP lowest among 15 blockchains, eroding investor confidence in the digital token.
At the same time, the U.S. Securities and Exchange Commission (SEC) has delayed rulings on multiple XRP ETF applications, pushing them off until October of this year.
The current situation has led institutional investors to offload XRP, pulling its price down 4% in the last 24 hours to $2.90 U.S.
Trading volume in XRP spiked to 137.18 million on Aug. 19, nearly double the daily average of 71.23 million tokens changing hands.
Traders are now watching to see if XRP can climb back above the key resistance level of $3 U.S. and regain support.
The current pullback in XRP's price comes amid a wider decline in the crypto sector, with %Bitcoin (CRYPTO: $BTC) now in a correction defined as a drop of 10% or more from recent highs.
Valuations and a lack of clarity on the direction of U.S. interest rates has put investors in a risk averse mood, say analysts.COMTEX_468184846/2848/2025-08-20T10:41:41
