XRP's price has sharply fallen to $2.15, triggered by the SEC's delay in ruling on the Franklin Templeton ETF application.
XRP Price Analysis
The daily price chart of XRP shows weak momentum in both directions. The price remains choppy and range-bound, stuck between $2.10 and $2.35 for now. Unless the price breaks out of this range, traders expect XRP to continue moving sideways in the short term.
Important support levels to watch are between $2.10 and $2.05. If XRP falls below this range with confirmation, the next support lies between $1.95 and $1.91, followed by $1.80. On the bullish front, resistance is seen around $2.32 to $2.36. A clear move above this could open the door for a rally towards $2.44 and $2.60.
Future of XRP
Despite the recent dip, XRP has been in an uptrend since April’s low. There’s still hope for a fifth wave rally that could push XRP prices above $5 in the long run, but for that to happen, XRP needs to hold support levels and break above recent highs.
In the short term, unless XRP can climb past $2.33 and form a clear bullish pattern, the price is expected to remain range-bound.
Conclusion
The delay in SEC's decision has clearly shaken the market, and while long-term bullish hopes remain alive, XRP is currently struggling for momentum. Until a clearer move happens, traders can expect more sideways price action in the coming days.
The current situation surrounding XRP creates uncertainty, and traders are closely monitoring support levels that may affect short-term prices.
