Potential Threat to XRP: Ripple's Cryptocurrency Might Plunge Deeper After Losing Significant Support (Expert Analysis)

XRP, Ripple's digital currency, is trading near $3 after failing to sustain a rally above $3.32. Despite market weaknesses, on-chain activity remains firm, with the XRP Ledger's NVT ratio falling 80%, indicating an increase in transaction volume compared to market value. However, XRP is in a clear downtrend, and a failure to hold the crucial $3.00 support zone could see a further decrease towards $2.90.

Adding to the uncertainty, the US Securities and Exchange Commission has postponed its decision on several XRP ETF applications, including Nasdaq's proposal to list CoinShares XRP ETF, extending the wait for investors. The decision, originally scheduled for August 24, has been moved to October 23. The regulator has also delayed rulings on additional XRP ETF applications from Bitwise, Canary, and Grayscale.