Why Is Ripple’s (XRP) Price Down Below $2 Today?
Ripple’s native token saw the launch of a second exchange-traded fund tracking its performance yesterday, when Bitwise’s XRP went live for trading on the New York Stock Exchange.
This makes it the second such fund with 100% exposure to the underlying asset to hit US markets within a week. However, both of those product launches were met with immediate selling pressure and a price slump.
Of course, a large part of XRP’s price slide can be attributed to broader market conditions. After all, BTC just dumped to a new seven-month low of $85,000, while ETH struggles well below $2,800. Both of those assets are down by 7-8% in the past 24 hours.
As such, it’s no surprise that Ripple’s cross-border token has tanked by a similar percentage. However, its weekly losses are worse than the market leaders, unlike other altcoins, such as SOL, TRX, and BNB.
What’s particularly interesting in this case is the fact that two spot XRP ETFs were released in the US within that 7-day period. As reported last week, Canary Capital’s XRPC broke the 2025 trading volume record, while Bitwise’s XRP, which was launched yesterday, came in third for the year, according to preliminary data from SoSoValue.
After Ripple’s legal case against the US SEC concluded, the potential approval of spot XRP ETFs in the country became the main catalyst for a possible price surge, with investors hoping for a substantial uptick once they see the light of day.
However, as is typically the case in such situations, the launch days of both ETFs became classic sell-the-news events, with XRP dropping below $2.00 for the first time since the early October crash.
Aside from that brief collapse, though, the last time XRP stood this low was back in June, and in April before that, meaning that it has erased all yearly gains and is now deep in the red.
XRPUSD. Source: TradingView
The post Why Is Ripple’s (XRP) Price Down Below $2 Today? appeared first on CryptoPotato.
You May Also Like
Japan’s Rate Hike Puts Bitcoin on Edge
How to earn from cloud mining: IeByte’s upgraded auto-cloud mining platform unlocks genuine passive earnings
