XRP price drops under $3 as traders dump millions

XRP has slipped back below the psychologically important $3 mark, trading at $2.94 at the time of ￰0￱ move represents a 2% daily loss and extends a 1% decline on the week, with the token now down more than 7% over the past ￰1￱ 7-day price chart.) and lingering momentum from Ripple’s legal victory in August, price action has failed to sustain. Instead, traders are confronting the reality of fading catalysts, profit-taking, and unresolved regulatory ￰2￱ price market data Market data shows that XRP underperformed the broader crypto market’s 2.88% decline over the past 24 hours, falling 2.36% during the same ￰3￱ attribute the weakness to three overlapping drivers: heavy profit-taking after the initial ETF filing buzz, technical rejection at the $3.06 resistance zone, and whale distribution flows exceeding $90 million in recent ￰4￱ developments have only added to the ￰5￱ Securities and Exchange Commission (SEC) has delayed decisions on seven XRP ETF applications until October ￰6￱ the Ripple-SEC case dismissal in August removed a major legal overhang, the extended timeline for ETF approval has created a “sell the news” ￰7￱ the immediate prospect of institutional inflows, estimated between $4.3 billion and $8.4 billion, the bullish narrative has been pushed further ￰8￱ technical analysis Technically, XRP’s rejection at the 50% Fibonacci retracement level ($3.06) from its July high of $3.38 to its August low of $2.75 has deepened bearish ￰9￱ confirm the breakdown: the MACD histogram at –0.0199 signals accelerating downside pressure, while failure to hold above $3 suggests weak conviction among ￰10￱ are now eyeing $2.99 as the next key support at the 61.8% Fib retracement, just 2.3% below current ￰11￱ ahead, traders will be closely watching the SEC’s commentary at the Digital Asset Summit (September 9–11) for hints of regulatory ￰12￱ then, XRP’s trajectory remains vulnerable to further volatility, with short-term sentiment skewed bearish despite long-term optimism over ETF approval and institutional adoption.