Ripple’s native token, XRP, has experienced a significant downturn, dropping below the $3 mark and raising concerns about market stability. Large holders have unloaded a substantial volume of tokens in recent days, adding to the price decline which stands at around $2.89, according to on-chain analytics. This coincides with a 17% decrease in price over the last month. 470 million XRP were dumped by institutional investors over the past ten days, according to on-chain analyst Ali Martinez. 20-day and 50-day moving averages also present resistance at around $3.09 and $2.93 respectively. 20-day and 50-day EMA. The U.S. Securities and Exchange Commission’s delayed decision on a potential XRP ETF from Nasdaq has further fueled market uncertainty. This delay has been pushed back to October 23rd, with the initial expectation being late August. An approved ETF would provide institutions a regulated entry point for XRP. However, repeated postponements have eroded investor confidence, suggesting that the SEC may be hesitant to greenlight this product. The technical picture is currently bearish. XRP’s price is testing the lower edge of its long-standing ascending channel between $2.80 and $2.85. Losing this support level could open the door to further losses, with $2.60 as the next potential target. Indicators like RSI (42) suggest a weak buying momentum, but not yet an oversold scenario. The MACD has flipped bearish while the Chaikin Money Flow is in negative territory, reflecting capital outflows. However, the Balance of Power indicator suggests sporadic buying pressure still exists, hinting that bulls are fighting to keep prices stable. For XRP to regain momentum and reverse course, it must reclaim the $3 mark first. Overcoming resistance at $3.37 would strengthen the bullish case for a push toward $3.70 – $3.80 in the long term. However, the ultimate catalyst may be the SEC’s ETF decision: if the decision is positive, institutional interest can revitalize XRP and overcome current selling pressure. Until then, volatility is likely to remain elevated.