According to data provided by CoinGecko, the XRP token slipped to an intraday low of $1.98 earlier today.
The Ripple-linked cryptocurrency has plunged by a whopping 16% over the past week.
The popular altcoin remains under severe pressure alongside other major cryptocurrencies. The crypto market is currently in the middle of a major sell-off due to the hopes of Federal Reserve rate cuts fading.
ETF hype fails to lift XRP
Bitwise's recently launched XRP ETF has already surpassed $22 million in trading volume. Once again, this shows that there is a rather strong institutional demand for XRP.
Even though Bitwise’s XRP product is seeing impressive trading volumes, the ETF isn’t pushing XRP’s price higher.
There have been a few other recent XRP-ETF launches ( that also failed to spark a sustained rally in XRP’s price, despite healthy volume. Here are some notable ones, and why they may not have helped price as much as some hoped.
Earlier this month, Canary Capital launched the very first spot XRP ETF called XRPC. The product gave investors regulated exposure to the actual XRP token without needing to hold it themselves. On its first trading day, the ETF product pulled in about $58 million in volume.
However, despite the strong debut, XRP’s price dropped by around 4.3% shortly after, collapsing to $2.22.
The pullback despite significant institutional demand, meaning that selling pressure was too strong for the bulls to handle.
There was also no rally in the run-up to the ETF launch, so this the current plunge will not qualify as a sell-the-news event either.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team