XRP price faltered at the $3.40 resistance and now faces downside risk to $3, as BlackRock’s confirmation of “no plans at this time” for a spot XRP ETF dampens investor optimism.
Summary
- XRP price was recently rejected at $3.40, pulling back to trendline support; downside risks toward $3 next.
- Multiple asset managers have filed XRP ETF applications, with analysts giving approval odds around 95%.
- BlackRock has confirmed it currently has no plans to file a U.S. spot XRP ETF, quelling earlier speculation about its entry into the XRP ETF race.
XRP price analysis
Ripple (XRP) was recently rejected at the $3.40 resistance, dampening investor sentiment that had been lifted by news of the long-running legal battle with the U.S. SEC officially ending on August 7, after both parties jointly filed to dismiss all appeals in the U.S. Court of Appeals for the Second Circuit.
Expectations were high for XRP price to rally toward its ATH of $3.84, set eight years ago in January, after clearing $3.70. However, sellers stepped in, pushing the token down to its ascending trendline support. The daily chart now shows fading momentum, with the MACD histogram showing rising red bars and the RSI sliding to 45.
At press time, XRP trades at $2.97, slipping below the 7-day EMA at $3.08. Unless buyers reclaim this level quickly, the path of least resistance is to the downside. With a lower high already set at $3.40 on the daily chart, the risk of a breakdown further increases — first to the $3 support, and potentially toward $2.60.
XRP ETFs: Is BlackRock in or not?
On the fundamental front, major asset managers including Grayscale, Bitwise, 21Shares, and Canary Capital have filed applications to launch XRP ETFs. Analysts estimate approval odds at around 95%, warming the longer-term sentiment.
On the flip side, BlackRock has publicly confirmed it has “no plans at this time” to file for a U.S. spot XRP ETF, despite earlier speculation from ETF Store president Nate Geraci that it’s only a matter of time before BlackRock enters the XRP ETF race.
