XRP Holds Above $2.04 Support Amid $68.8M Daily Sell-Off and Ongoing Ripple-SEC Legal Battle

XRP is currently trading at $2.0697 on Binance, down 3.05% over the past 24 hours from an open of $2.1348. The recent price decline is primarily attributed to ongoing profit-taking by large holders, as indicated by an average daily distribution of $68.8 million since early June, alongside persistent bearish technical momentum (RSI at 35.49). Market sentiment has also been influenced by continued legal proceedings between Ripple and the U.S. SEC, although rumors about the U.S. government seizing Ripple’s XRP escrow have been officially debunked. Despite the recent volatility and a sharp intraday drop, XRP remains above key support at $2.04, with trading volumes reflecting active repositioning by market participants. The asset continues to see institutional interest, especially amid speculation regarding potential ETF approvals, but near-term price action remains sensitive to further developments in both legal and market dynamics.