XRP Dips as Investors Take Profit over Failed Breakout
Ripple (XRP) 3.78%, bringing its price down to $1.47 over the past 24 hours. This decline closely follows a broader market downturn, as Bitcoin fell by 4.63% and the total cryptocurrency market cap dropped by 4.25%.
Following XRP’s failure to break above its long-term resistance level at $1.60, many investors took profits. This occurred amid a general decline in market sentiment, even after XRP received a new classification in the United States as a digital commodity.
XRP’s drop closely mirrors Bitcoin’s 4.63% decline and the total crypto market cap’s 4.25% decline during the same period, suggesting the movement was driven by a broader market sell-off rather than by specific news related to XRP.
From a technical perspective, XRP is trading just below its daily pivot point at $1.48, suggesting mild short-term bearish pressure. The key support level to monitor is the 7-day simple moving average (SMA) near $1.45.
If selling pressure persists across the wider market, a break below this support level could send XRP to its 30-day SMA near $1.40. This suggests that the near-term trend is neutral to bearish, depending on whether the broader market finds support.
Crypto analysts are projecting a quick rebound following its new classification as a major digital commodity by the United States.
On March 17, 2026, the SEC and CFTC issued joint guidance recognising XRP as a “digital commodity.” This function-based classification aligns XRP’s status with Bitcoin and Ethereum, clarifying that its value is derived from market forces and network operations rather than from managerial efforts.
Additionally, Ripple Prime’s CEO explained how institutions can now use XRP as collateral to finance trades, including posting it for margin on CME futures.
This development allows firms to access dollar liquidity without selling their XRP holdings, thereby integrating the asset into traditional market infrastructure. Zcash Soars on Sky-High Trading Volume, Investors Gain 16.4%
