Bitwise XRP ETF Goes Live, Up Next Grayscale; Yet Price Crashes 5%
Despite the launch of two XRP ETFs and more coming, XRP's price has fallen 5% due to significant selling pressure from large holders (whales).Summary
XRP has experienced a 5% price decline this week, continuing its downward trend despite growing institutional interest marked by the launch of two XRP ETFs (Caanary Capital's XRPC and Bitwise's XRP) and the upcoming launch of Grayscale's (GXRP) and Franklin Templeton's (XRPZ) ETFs next Monday.
The primary reason cited for the price weakness is sustained selling activity from XRP whales—large holders who sold over 250 million tokens worth more than $528 million in the last 48 hours, signaling a lack of near-term confidence.
Conversely, new XRP addresses have surged to a monthly high, suggesting renewed participation driven by the ETF launches. At the time of writing, XRP trades at $2.11, holding support at $2.08. Price stability hinges on whether this fresh capital from new entrants can offset the ongoing whale sell-offs; a break below $2.08 could lead to a drop toward $2.00.
(Source：BeInCrypto)