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Crypto

XRP Tumbles Near Key Support Level Amidst Regulatory Uncertainty

Guavy AI Editorial Team
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XRP
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XRP's price has been under pressure due to declining institutional demand and uncertainty surrounding US crypto regulations. On August 6, XRP traded near $1.05 after a four-day decline, testing its key $1 support level.

The token's momentum is weak, confirmed by technical indicators such as the Relative Strength Index (RSI) below 40 and bearish Moving Average Convergence Divergence (MACD). Additionally, US spot XRP ETFs saw $3.58 million in net outflows, indicating slowed institutional interest.

Ripple's regulatory progress in Europe has not been enough to reverse the token's price decline, which is also being driven by broader market weakness and declining investor interest.

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