Rippleโs native crypto XRP is back trading in a very narrow price range. In spite of many crypto market observers setting their marks on double digits, a new hurdle has pushed the bullish narrative a few steps back.
Legal Scrutiny Piling Up For Ripple
Even though Ripple supporters are awaiting results from 11 different XRP standalone ETFs, these exchange-traded fund products could see further regulatory obstacles like in Grayscaleโs case. Fueling the regulatory uncertainty, the SEC backed off the initial approval of Grayscaleโs Digital Large Car Fund (GDLC) conversion into a publicly traded ETF.
Yesterday evening, the United States Securities and Exchange Commission (SEC) addressed Grayscaleโs mixed crypto ETF submission, placing it upon further review. Naturally, the dragging of Ripple vs. SEC case could have played a key part in this decision, as Ripple & SEC are yet to get an indicative ruling despite finding a mutual solution to the case.
XRP Price Caged In Narrow Range
Besides Ripple (XRP), the Grayscale mixed crypto fund holds Solana (SOL) & Cardano (ADA). While the lionโs share of 80.8% is reserved for the flagship crypto Bitcoin (BTC), Ripple (XRP) takes up 4.63% of this cumulative investment vehicle, while Solana gets 2.75% & ADA 0.75%.
With this pushback, Rippleโs XRP coin retracted most of the previous day’s gains. Trading at $2.24, XRPโs price still holds the long-term support box, trading in a narrow range between $2.22 to $2.30 for 24 hours. Surely, price levels below $2.55 since mid May are mirroring the regulatory stall, leaving both institutional XRP investors & retail crypto enthusiasts in the dark.
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People Also Ask:
XRPโs price stagnated due to market uncertainty following Grayscaleโs unexpected reversal on its mixed crypto ETF plans. The decision disrupted investor confidence in XRP and related assets.
Itโs a proposed exchange-traded fund by Grayscale that would include multiple cryptocurrencies, including XRP. The U-turn refers to Grayscale altering or pausing its ETF strategy.
The reversal created volatility and uncertainty, leaving XRPโs price โin a cubicleโ (stuck in a tight range) as investors reassess market dynamics. It reflects broader market sensitivity to ETF developments.
Grayscaleโs ETF moves influence crypto adoption and liquidity, impacting crypto prices. A U-turn signals regulatory or strategic challenges, shaking investor trust.
The recovery depends on broader market trends and clarity on Grayscaleโs ETF plans. Investors are watching for regulatory updates and Grayscaleโs next steps.
