Following a rejection at the $3.32 resistance level, XRP token is currently trading near $3.00. Despite this decline, analysis suggests that support lies at $3.00, with potential for a rebound to $3.20. However, a drop below this level could expose the price to further declines toward $2.90. 80% of XRP Ledger’s NVT ratio has dropped significantly, indicating high transaction activity despite market weakness. This suggests increased on-chain activity and usage of the XRP network. The SEC delay in its ETF decision on several XRP applications, including those from Nasdaq, Bitwise, Canary, and Grayscale, adds to the regulatory uncertainty surrounding the token.
While Ripple’s ongoing legal battle with the SEC continues to cast a shadow over XRP prices, it’s worth noting that this recent downturn comes amidst increased on-chain activity. Analysts at CryptoQuant observed a drop of nearly 80% in the NVT ratio for the XRP Ledger, suggesting increased use even as the token price consolidates. This rise in transaction volume suggests active usage of the XRP network, despite market volatility.
In a move that will likely impact broader crypto markets, the SEC has postponed its decision on several XRP ETF applications, including those from Nasdaq, Bitwise, Canary, and Grayscale. The delayed timeline for these filings adds to regulatory uncertainty surrounding the token’s future.