The Securities and Exchange Commission of the United States (SEC) recently made the headlines by granting approval of the new ETF of Bitwise Spot Crypto, which includes XRP. However, just as the cryptography community began to celebrate, the dry has issued an order of stay, suspended the launch. This means that the ETF cannot yet officially go online. The reason? The dry wants more time to examine the decision at the commission level.
This delay is similar to the way in which the SEC has managed other ETFs linked to Altcoin in the past, such as the FNB with large digital capitalization in gray levels. Thus, although there is progress for the inclusion of XRP in the main investment products, the final decision is still pending.
The XRP price reacts with a decrease
In the middle of these mixed news, the price of XRP took a hit. He dropped by 7% and is now negotiated about $ 3.26. On the lower time, XRP shows signs of stability. Although it did not break out on Monday, the price did not collapse. Instead, it is consolidated in a narrow range, which shows that a break could happen soon. However, whether before or downwards is uncertain.
If XRP manages to exceed $ 3.57 with a high volume of negotiation, it could increase to $ 3.75 and potentially the $ 4 bar in the near future. On the other hand, if the price drops more, there is a risk of new decrease, maybe at $ 3.10.
An XRP price drop was expected
The recent drop in XRP is not a surprise, explains Casi Trades. The drop in prices follows a very specific model, and it evolves as expected. Now the next blow will seem to be XRP at around $ 3.21.
This level is important because small and large technical indicators live. But if XRP is struggling to maintain more than $ 3.40, another drop to $ 3.20 could be in store before the end of the model.
