XRP Price Plummets 11.2% Amid Regulatory and Institutional Turbulence

XRP plummeted by 11.2% after a sharp downturn triggered by market reaction to ongoing regulatory and institutional developments.

The token's price is currently below its 20-day moving average but remains above both the 50-day and 200-day levels, indicating short-term weakness within an otherwise resilient broader trend.

Heavy selling pressure was evident as XRP/USD traded under strong selling pressure, despite technical indicators showing strong bullish momentum with an 80% probability of consolidation or upward movement in the $1.2054 to $1.4001 range.

The ongoing momentum for the CLARITY Act in the U.S. Senate recently confirmed XRP's classification as a crypto commodity in secondary markets regardless of Ripple’s holdings, leading to institutional inflows exceeding $1.7 billion and heightened transactional activity on the XRP Ledger.