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Ripple’s cryptocurrency XRP experienced an 8% drop over the weekend, falling to $2.3. This decline has garnered attention from the market, driven by regulatory uncertainties and dynamic trading conditions. The potential classification of XRP as a commodity by the SEC and ongoing discussions about cryptocurrency ETFs could significantly influence the market’s trajectory. Meanwhile, technical analysis indicators are providing signals regarding the likelihood of XRP’s recovery.
SEC Discussions and ETF Process
The U.S. Securities and Exchange Commission (SEC) is debating the possibility of classifying XRP as a commodity. This classification could profoundly impact XRP’s regulatory future. The prolonged legal battles over whether XRP is a security continue to create uncertainty in the market.
According to FOX analysts, new regulatory announcements from the SEC may play a crucial role in the ETF approval process for XRP. Delays in altcoin ETFs could pressure XRP’s market movements. Investors are closely monitoring the SEC’s final decision regarding XRP.
Technical Data and Market Movements
Following the 8% drop in XRP’s price, market data is presenting complex signals for investors. In derivative markets, XRP’s trading volume increased by 12.11%, reaching $6.05 billion. Liquidation data over 24 hours indicates losses for long positions, while there is potential for short positions to face a squeeze.
The RSI data stands at 47.49, suggesting potential upward movement. However, for the market to gain a clear direction, XRP must maintain critical support levels. According to technical analyses, there is a possibility of recovery at current levels, but price movements continue to be influenced by regulatory uncertainties.
Ripple 
$2 has applied to launch a new cryptocurrency wallet application under the “RIPPLE CUSTODY” brand. This initiative demonstrates Ripple’s aim to expand its ecosystem and diversify its financial services. Investors are closely watching regulatory and technical developments concerning XRP’s future as they track market movements.
