XRP drops to $1.10 as Ripple wins preliminary MiCA approval in EU

XRP slid to $1.10 on Monday, a 10% decline over the past week, moments after Ripple secured a preliminary MiCA “green light” for its Crypto Asset Service Provider license in all 30 EU member states [1].

Regulatory milestone, not buying pressure

Luxembourg’s CSSF issued Ripple a preliminary “Green Light Letter” for its CASP license under the EU’s Markets in Crypto‑Assets (MiCA) framework, complementing Ripple’s existing Electronic Money Institution licence [1]. The approval enables European banks, fintechs and corporates to integrate Ripple’s full crypto and stablecoin payments infrastructure in a single connection. Ripple now holds more than 75 regulatory licences worldwide and has processed over $100 billion in payment volume across 60+ markets [1].

Despite the regulatory win, the price action was driven by technical factors and broader market weakness rather than the news itself. Analysts in the source note that the MiCA approval expands Ripple’s addressable market but does not create immediate buying pressure on XRP [1].

Technical breakdown and near‑term outlook

XRP broke below the rising‑wedge support that formed after the June 5 capitulation low near $1.05, invalidating a short‑term recovery pattern [1]. The stop‑and‑reverse (SAR) sits just above $1.2928, confirming bearish control, while the exponential moving‑average (EMA) stack from $1.1707 to $1.5526 forms layered resistance [1]. The token is now retesting the $1.05 level that triggered the recent downtrend; a rebound above the 20‑day EMA at $1.1707 would suggest a false breakdown and could revive the move toward $1.2466 [1]. Conversely, slipping below $1.05 opens the path to fresh lows near $1.00 and potentially $0.90 [1].

Market context

The $1.10 price sits near the 24‑hour low of $1.09, a level that leveraged traders watch for liquidation risk [3]. The weekly 10% drop contrasts with the broader crypto market’s mixed performance, underscoring that XRP’s move is more a function of its own chart pattern than the regulatory announcement.

What to watch

• $1.1707 – 20‑day EMA; a break above could signal a reversal toward $1.2466.
• $1.05 – key support; a breach may open the next leg down to $1.00 and $0.90.
• Any official confirmation from ESMA or Ripple on the MiCA licence status, which could shift sentiment.

The MiCA “green light” expands Ripple’s regulatory footprint across Europe, but the immediate market reaction shows that price moves still hinge on technical dynamics and broader crypto sentiment rather than regulatory headlines.