XRP has decreased by 5.5 % to $ 2.16 over the past 24 hours, reflecting a wider wave of danger to the cryptocurrency market, despite the organizational monuments that should have been played in their favor. I managed to recover some land during the day but still less than $ 2.20, according to data from Coingecko.
Just weeks ago, Teucrium launched the Director of Assets at Vermont at the first future ETF associated with XRP in the United States-Teucrium 2x Daily Daily Etf (Ticker: XXRP). The profitable product allows investors to bet on the daily price movements of XRP through future contracts.
It appeared for the first time on Nyse Arca with about $ 5 million in the trading volume of its first day. Days later, Proshares received an organizational approval to launch three XRP Futures, which is expected to be launched on May 14.
But the market response was frightening. These products do not contain actual XRP, and this is a point attached to many investors. The immediate ETF – which requires the purchase and storage of the distinctive symbol directly – determines the final prize of companies such as Franklin Timbelton, Gray, and 21 Shares, which is applied with the American Securities and Stock Exchange Committee to list such a product.
A decision regarding Franklin Timbalton’s request was paid until June 17, despite his hopes for the new SEC leadership during the era of the Chairman of the Board Paul Atkins to accelerate the dependence of the encryption.
This delay is likely to feed frustration and the sale of pressure among bank investors on a faster road to the traded investment funds. The Bloomberg Erik analyst still sees 85 % chance From approval at some point in 2025, while polymarket traders Put the possibilities by 78 %.
The price of XRP is weighing economic shrinkage
The above -forgotten layers are a wave of negative macroeconomic data that affect XRP and the broader encryption market.
American economy Unexpected 0.3 % in the first quarter – the first decline since 2022 – to an increase in imports before the expected definitions. The inflation also came in the hottest of what was expected, prompting concerns about the next step for the federal reserve. The shares decreased sharply, as the S&P 500 decreased by 1.4 % and Nasdak fell more than 2 % at the time of writing this report.
The main encrypted currencies have also seen a weak performance, as Bitcoin has decreased by 1.3 % over the past 24 hours, while Ether from Ethereum has lost 3.5 % of its value. The broader cryptocurrency market decreased by about 2.1 %.
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