XRP News Today: XRP Drops 10% to $2.15 as SEC Delays ETF Review

The price of XRP has experienced a significant decline, currently trading at $2.15. This drop follows the U.S. Securities and Exchange Commission's (SEC) decision to delay its review of the Franklin Templeton XRP ETF application, pushing the new deadline to November 2025. This delay has introduced further uncertainty into the market, contributing to the price decline.

Analyzing XRP's daily price chart reveals weak momentum in both directions, with the price action remaining choppy and range-bound between $2.10 and $2.35. Unless the price breaks out of this range, traders anticipate that XRP will continue to move sideways in the short term. Key support levels to monitor are between $2.10 and $2.05. If XRP falls below this range, the next support levels are between $1.95 and $1.91, followed by $1.80. On the bullish side, resistance is seen around $2.32 to $2.36. A clear move above this range could open the door for a rally towards $2.44 and $2.60.

Despite the recent dip, XRP has been in an uptrend since April’s low. There is still hope for a fifth wave rally that could push XRP prices above $5 in the long run. However, for this 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, with traders closely watching whether the market finds a stable support zone soon.

The SEC’s decision delay 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 bearish pressure on XRP has been mounting as the cryptocurrency struggles to break through a key resistance zone between $2.27 and $2.30. This resistance level has been a significant barrier for XRP, with the price facing five consecutive rejections since May 29. The most recent rejection occurred on June 16, when short-term buyers reacted to the news of the launch of an XRP ETF in Canada. However, this uptrend failed to sustain, indicating that sellers are placing their orders at these price levels. Until XRP can clear this resistance, it remains under bearish pressure and risks falling below the psychological support of $2.

The technical analysis further supports the bearish outlook for XRP. A bearish head and shoulders pattern has emerged on the daily timeframe, which typically signals a trend reversal to the downside. The neckline of this pattern lies at $2.12, and if the price makes a decisive close below this level, it could trigger a 19% crash, potentially pushing XRP below $1.80 and towards the target of $1.70. The Simple Moving Average (SMA) indicators also align with this bearish case, as XRP continues to fluctuate below the 50-day SMA level of $2.27. The price has faced strong resistance here for three weeks, and movements below the 200-day SMA confirm that the long-term outlook is also bearish.

Despite the bearish technical indicators, there are several macro factors that could potentially draw buyers back into the market. The approval of a spot XRP ETF in Canada, set to go live on June 18, increases the odds that the US SEC could follow suit. Additionally, the final vote on the GENIUS stablecoin Act on June 17 could increase interest in stablecoins like RLUSD, potentially driving XRP price gains. These bullish catalysts could provide support for XRP and aid in a recovery, although the near-term outlook remains dominated by bearish sentiment.

In summary, XRP is currently at risk of crashing to $1.80 due to continuous rejection at a key resistance level and the formation of a bearish head and shoulders pattern. While there are potential bullish catalysts on the horizon, the immediate technical indicators suggest that bears have the upper hand in the near term. Investors should closely monitor these developments as the situation evolves.