XRP experienced a price drop, retreating to $2.31 following the announcement of Ripple delaying the launch of its RLUSD stablecoin. This delay was due to pending regulatory approval from New York authorities.
As a result of this delay, XRP lost its position as the #3 cryptocurrency to Tether in terms of market cap. The market cap of XRP fell by 12%, amounting to $131.42 billion.
Additionally, there was a notable decline in trading volumes. The overall trading volume decreased by 40% to $26.02 billion, while futures trading volume nearly halved from $32 billion to $16 billion.
Currently, the price of XRP is consolidating near the support level of $2.20, marking a significant downturn in the cryptocurrency market's performance.
