XRP Price Declines Below $2

XRP has slipped below the significant threshold of $2.00, a price not seen since the market collapse on October 10.

This decline is occurring amidst a prevailing bearish outlook in the cryptocurrency landscape, where Bitcoin has also dropped below $87,000, resulting in the rapid loss of $220 million in long positions within just an hour.

Currently, the Ripple Ecosystem Power Token is priced at $1.98, reflecting a 2.5% drop over the last 24 hours, and nearly a 16% decrease over the past week.

The overall market has reacted negatively as Bitcoin’s fall pushed prices down across the board. Interestingly, this downturn happened just as the Ripple community was buzzing about the recent launch of an XRP ETF by Bitwise Invest.

Ripple’s CEO, Brad Garlinghouse, had mentioned merely hours before this price dip about a “pre-Thanksgiving rush” for the XRP ETF, noting its debut on the New York Stock Exchange.

Despite the market’s tumult, ETF analyst James Seifert has pointed to some encouraging signs, stating that Bitwise’s XRP ETF had already achieved $22 million in trades with only three hours remaining until the close on November 20.

“With just over three hours left in trading, Bitwise’s XRP is at almost $22 million in today’s trading, which is very impressive for the second product to hit the market in a full week,” Seifert observed.

Even with the current trends in the crypto ETF sphere, where Canary Capital’s XRP ETF is experiencing strong demand, the interplay between ETF inflow and XRP’s price performance raises some concerns among investors.

Some observers noted that recent actions by XRP whales played a role in the falling prices. Reports indicated that approximately 200 million XRP was sold within two days following the ETF’s launch.

Looking ahead, analysts speculate that it might take until 2026 for significant institutional inflows to become apparent, suggesting that the true impact of the XRP ETF on Ripple’s price may not materialize until next year.