XRP Declines Following Disappointing ETF News
23 Jan, 2024 ● Coin news
The cryptocurrency XRP has been declining, with a 4% drop to $0.50 on January 23. This decline is attributed to both technical factors and market sentiment.
Technically, XRP is facing a downtrend, with its price falling about 25% since December 28.
The market was hopeful for a spot XRP ETF by BlackRock, but these hopes were dashed on January 18 when the firm clarified it had no such plans.
Additionally, Ripple, the company behind XRP, is dealing with legal issues with the SEC, which adds to the uncertainty and negatively affects investor confidence.
XRP's decline also aligns with changes in its ownership distribution.
There has been a noticeable shift in the XRP supply held by the wealthiest investors, with a decrease in holdings by those with 100 million to 1 billion tokens and an increase in those holding 10 million to 100 million tokens.
This suggests a redistribution of XRP holdings among different investor groups.
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