XRP has fallen by about 8% in the past week, dropping from around $1.47 on September 3 to around $1.35. In addition to the overall weakness in the crypto market, investors are also awaiting the voting results of the U.S. Senate on Clarity Act next week, which continues to keep market sentiment cautious.
Currently, the range of $1.34 to $1.35 is considered a key short-term support level for XRP. If this level is lost at $1.30, the market could continue to fall towards $1.20; however, if it manages to rebound above $1.40 again, the short-term pressure is expected to ease.
The price range has not yet been broken through.
Since August 22nd, XRP has basically maintained a range-bound fluctuation. It has encountered resistance several times above the $1.45 to $1.52 range, while below it, it has repeatedly found support from buying orders around $1.34.
The article mentions that some technical analysts are also paying attention to the $1.29 level. This price point is considered an important support at the weekly time frame. If the range between $1.29 and $1.34 continues to be lost, the pullback could further expand, with the next more significant support possibly around $1.00.
Relatively speaking, only if the price recovers to $1.40 first and then breaks through $1.52 further will the market's assessment of a slowdown in this round of decline be strengthened.
Senate voting affects emotions
In addition to the price range itself, the market is also paying attention to the upcoming vote in the U.S. Senate regarding Clarity Act. Reports mention that some senators believe that the current number of supporting votes may not be sufficient to move the bill forward.
This uncertainty has already put pressure on the crypto market. If there is positive progress with the bill, it may improve market expectations regarding the regulatory environment for digital assets in the United States and lead to a recovery in sentiment; however, if the voting is delayed or progress is hindered, market pressure may continue to exist.
ETF Products continue to expand
The coverage of institutional investment products offered by XRP is also expanding. Reports indicate that the structure of ETF facilitates traditional investors and institutions to access XRP without directly managing wallets and custody processes.
At the same time, the new listing rules approved by the U.S. Securities and Exchange Commission (SEC) may also provide more flexibility for cryptocurrencies that contain XRP. According to the updated Nasdaq Texas rules, some commodity-based crypto trusts can allocate up to 15% of their assets to investment targets that do not meet the standard qualification requirements.
This means that the difficulty of XRP being included in diversified crypto funds may decrease. However, this does not equate to the immediate launch of a new XRP ETF, nor does it imply that it will directly bring spot buying orders. The actual impact still depends on whether the issuer launches the product and the final scale of capital inflow.
Additional information:The report also mentioned that T. Rowe Price has updated its encryption ETF declaration documents, in which one product's configuration ratio for XRP is alleged to be 9.15%, higher than the 8.73% for Solana within the same product.
