Ripple’s Big Day: XRP Breakthrough?
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Ripple’s Big Day: XRP Breakthrough?
The cryptocurrency market is abuzz with anticipation as the first Exchange-Traded Fund (ETF) to hold 100% XRP tokens is set to debut in the United States on November 13. This development comes after years of delays, lawsuit battles, and regulatory changes. The XRP price has been volatile in the lead-up to the event, with whales seemingly preparing for a sell-the-news type of launch.
Latest on the XRP ETF Front
The US Securities and Exchange Commission (SEC) had delayed making a decision on numerous XRP ETF applications, but the government’s shutdown has opened the door for some amendments that could bypass the regulator. Canary Capital was the first to remove the "delayment amendment" from its filing, signaling that the product is ready to be launched. The company has filed its Form 8-A with the Nasdaq, which is the "final step before it goes effective." Once the Nasdaq certifies the listing, the spot XRP ETF will be set to launch at market open.
Key Differences and Implications
The upcoming XRP ETF differs from the recently launched product by REX-Osprey. The former is a pure-play 33 Act XRP ETF with 100% exposure to Ripple’s token, while the latter has partial spot XRP exposure and less efficient tax treatment. This distinction is crucial for investors, as it may impact the fund’s performance and attractiveness.
XRP Whales’ Selling Spree
Ripple whales have been on an accumulation spree since last year’s presidential elections, driving the asset’s price to $3.40 in January and a new all-time high of $3.65 in July. However, their recent behavior has been concerning, with reports of them disposing of sizeable portions of their XRP holdings. Data indicates that they have sold 90 million coins in the past 72 hours, raising questions about whether they have been buying the rumor only to sell the news.
Market Impact and Retail Investor Perspective
The launch of the XRP ETF is a significant development in the cryptocurrency market, and its impact will be closely watched by retail investors. As the market becomes more blockchain-oriented, the introduction of new investment products like ETFs can increase mainstream adoption and drive growth. However, the selling behavior of XRP whales may indicate a potential correction in the market, and investors should exercise caution. The upcoming launch will be a test of the market’s appetite for XRP and its potential to drive future growth.
Conclusion
The debut of the XRP ETF marks a significant milestone in the cryptocurrency market. As the market awaits the launch, investors should be aware of the potential implications and risks involved. According to some sources, OrxCash.com, the news about Ripple’s Big Day: XRP Breakthrough? is a significant development that will shape the future of the cryptocurrency market. With the XRP price being volatile and whales selling off, it is essential for investors to stay informed and adapt to the changing market landscape.
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