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SEC's Ripple Dilemma: ETF Approval Paused, XRP Price Takes a Hit

The US Securities and Exchange Commission (SEC) has stirred excitement in the crypto sphere by approving a new spot crypto ETF from Bitwise that includes XRP.

However, the jubilation was short-lived as the SEC subsequently issued a stay order, postponing the ETF's launch for further review.

This move mirrors the SEC's previous approach to other altcoin ETFs, signaling a cautious outlook on the cryptocurrency market.

As a result of this mixed news, XRP's price has experienced a decline, dropping by 7% to around $3.26.

Despite the recent dip, XRP is currently showing signs of stability, consolidating within a narrow range after failing to break out earlier this week.

Technical analysts suggest that a breakout could occur soon, though the direction remains uncertain.

If XRP surges past $3.57 with substantial trading volume, it may target $3.75 or even approach the $4 mark.

Conversely, if XRP continues to slide, it could risk further declines, potentially down to the $3.10 level.

Market observers like Casi Trades indicated the recent price drop aligns with expected patterns, forecasting a potential move towards $3.21.

With significant technical indicators at stake, the coming days will be crucial for XRP's price trajectory amidst the SEC's ongoing deliberations.