Based on knowledge supplied by CoinGecko, the XRP token slipped to an intraday low of $1.98 earlier right this moment.
The Ripple-linked cryptocurrency has plunged by a whopping 16% over the previous week.
The favored altcoin stays beneath extreme strain alongside different main cryptocurrencies. The crypto market is at the moment in the course of a serious sell-off as a result of hopes of Federal Reserve fee cuts fading.
ETF hype fails to raise XRP
Bitwise’s just lately launched XRP ETF has already surpassed $22 million in buying and selling quantity. As soon as once more, this exhibits that there’s a relatively sturdy institutional demand for XRP.
Regardless that Bitwise’s XRP product is seeing spectacular buying and selling volumes, the ETF isn’t pushing XRP’s value greater.
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There have been a number of different current XRP-ETF launches ( that additionally did not spark a sustained rally in XRP’s value, regardless of wholesome quantity. Listed below are some notable ones, and why they could not have helped value as a lot as some hoped.
Earlier this month, Canary Capital launched the very first spot XRP ETF referred to as XRPC. The product gave traders regulated publicity to the precise XRP token while not having to carry it themselves. On its first buying and selling day, the ETF product pulled in about $58 million in quantity.
Nevertheless, regardless of the sturdy debut, XRP’s value dropped by round 4.3% shortly after, collapsing to $2.22.
The pullback regardless of important institutional demand, which means that promoting strain was too sturdy for the bulls to deal with.
There was additionally no rally within the run-up to the ETF launch, so this the present plunge won’t qualify as a sell-the-news occasion both.