The XRP price has dropped below the $2.00 psychological level, revisiting levels last seen during the October 10 crash.
In comes amid a broader bearish sentiment in the crypto market, that saw the Bitcoin price fall below the $87,000 level and $220 million longs blown out of the water within the hour.
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XRP Price Retests June Lows As it Falls Below $2
As of this writing, the powering token for the Ripple ecosystem was trading at $1.98, down 2.5% in the last 24 hours and nearly 16% in the last week.
The drop came as Bitcoin pulled the broader crypto market down after slipping below $87,000 and blowing over $220 million worth of long positions out of the water in an hour.
Surprisingly, the drop came while the Ripple community was still in the XRP ETF frenzy, following Bitwise Invest’s recent move to launch the financial instrument.
In fact, Ripple CEO Brad Garlinghouse had only hours ago called the “pre-thanksgiving rush” for the XRP ETF as the financial instrument first hit the NYSE.
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Nonetheless, ETF analyst James Seyffart revealed that the financial instrument was already making a name for itself, garnering $22 million in trading with three hours left before trading closed on November 20.
“With a bit over ~3 hours left in trading Bitwise’s XRP is almost at $22 million in trading today. Quite impressive for the second product to market a full week after Canary Capital’s XRPC, which is the #1 launch by volume this year,” wrote Seyffart.
Canary Capital’s XRP ETF saw strong early demand, with Bitwise’s financial instrument following suit despite recent sentiment in the crypto ETF market.
However, concerns exist for the XRP community after Glassnode revealed a decline in the volume of supply that is currently in profit. Clearly, there is a disconnect between the ETF’s strong inflows and the XRP price performance.
Well, XRP whales contributed significantly to the recent price drop. Reports indicate whales sold around 200 million XRP within 48 hours of the ETF launch.
Meanwhile, analysts say it may take until 2026 for institutional flows to show up, which means next year is when the impact of the XRP ETF can really be felt on the Ripple price.
Source: https://beincrypto.com/xrp-price-falls-below-2-despite-recent-etf-approval/