XRP Evaporates Under Relentless Crypto Sun
XRP experienced a nearly 9% decline in value, sinking below the key support level at $3.50,
Quick overview
- XRP's value dropped nearly 9%, falling below the critical support level of $3.50.
- The SEC delayed the conversion of Bitwise's cryptocurrency index fund into an ETF, causing investor confusion.
- Investors expressed dissatisfaction with the SEC's decision, as spot-crypto ETFs are seen as vital for market growth.
- Despite the decline in odds for a spot XRP ETF, analysts remain optimistic due to strong institutional interest and bullish market setups.
Live XRP/USD Chart
XRP experienced a nearly 9% decline in value, sinking below the key support level at $3.50, which had been tested multiple times today. A noteworthy development followed the news from the U.S. market: the Securities and Exchange Commission (SEC) postponed the conversion of Bitwise’s cryptocurrency index fund into an exchange-traded fund (ETF).
Although Bitwise initially received “accelerated approval” for the ETF conversion from the SEC, this approval was later delayed, leading to confusion among investors.
Many investors were unhappy with the SEC’s delay, as spot-crypto ETFs are considered a significant catalyst for numerous cryptocurrencies, often resulting in increased liquidity and institutional ownership.
The likelihood of a spot XRP ETF is considered promising despite a decline in odds on Polymarket, which remain high at 85%. Analysts continue to highlight bullish setups, supported by ETF inflows and improving regulatory perspectives, with institutional participation remaining strong.
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