Despite several major developments surrounding XRP and continued bullish sentiment from analysts, the asset’s price remains deeply in the red on a weekly scale.
In this article, we break down the latest news related to the cross-border token and the company behind it.
ETF Developments
The first spot XRP ETF in the US to fully track the performance of the cryptocurrency began trading on the Nasdaq Global Market last week. The product, dubbed XRPC, was launched by Canary Capital and had a very successful debut day, generating almost $60 million in trading volume.
Numerous other spot XRP ETFs are also on the line for approval and could go live in the near future. Just a few days ago, Eric Balchunas, the Senior ETF expert at Bloomberg, claimed that under its new guidance, the SEC has made it easier for companies to speed up the effectiveness of their filings. He believes Bitwise’s XRP ETF might be the next to see the light of day.
The XRP Army has a rather different viewpoint on the matter. X user STEPH IS CRYPTO thinks Franklin Templeton’s spot XRP ETF would go live later today (November 18).
These funds simplify the investment process for people as they allow them to gain direct exposure to Ripple’s cross-border token via a regulated way and without having to worry about safeguarding their holdings. According to many analysts, this may increase the interest in XRP and trigger a price rally.
XRP Price Outlook
Despite the positive news on the ETF front, XRP has bled out heavily in the past week, losing over 15% of its valuation and currently trading at around $2.16. This comes at a time when the entire crypto market was hit by another correction, with Bitcoin (BTC) tanking below $95,000.
X user Ali Martinez described $2.15 as "the line in the sand" for XRP. He believes the asset may rebound to the $2.40 – $2.70 range as long as it holds that level.
Whale Activity and Market Impact
One possible factor, besides the bleeding market, negatively impacting XRP’s recent performance is the whale exodus. At one point, large investors offloaded approximately 1.4 billion tokens in the span of just a month.
A few days ago, market participants dumped an additional 200 million coins (worth more than $440 million at current rates) over a 48-hour period.
The continuous sell-off results in an influx of tokens available on the market, which, combined with non-increasing demand, should lead to a price decline. Additionally, it may scare smaller players, who could mimic their move.
Scam Warnings and Community Safety
Fraudsters have been quite active as of late, particularly targeting members of the Ripple community. Last week, the team sounded the alarm that wrongdoers use fake Ripple or XRP livestreams, giveaways, or deepfake videos. Their goal is to lure unsuspecting people into sending their funds to fraudulent addresses by promising significant returns or special rewards.
Ripple assured that its staff will never ask users to transfer assets, share wallet data, or join investment streams. It also advised people always to verify information through the official channels of the entity.
Shortly after, another alert went live, indicating that the team had seen a surge in fake “live” YouTube videos during and after its annual conference, Swell. The event took place earlier in November in New York City.