XRP rebounded after hitting $2.7, halting its decline. ETF approval in October is key.

Ripple (XRP) briefly dipped to the $2.7 range, hitting a low since early July, before rebounding and now trading above $2.8. The trigger for this decline was Ripple Labs' unlocking of 100 million XRP tokens. While this was a routine token release, coupled with the fragile market supply and demand, it exerted significant downward pressure on prices.

Meanwhile, the overall crypto market's direction was uncertain, investor sentiment remained bearish, and new capital inflows were limited, further exacerbating XRP's decline.

As of now, XRP's market capitalization has shrunk to $16.6 billion, down approximately 25% from its peak of $20.1 billion at the beginning of the year.