Why XRP Is Sinking Today
Key Points
Macroeconomic concerns are continuing to weigh on XRP's valuation.
Geopolitical risk factors are also influencing sell-offs.
The launch of the Canary XRP ETF has yet to ignite the XRP rally some investors were hoping for.
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XRP's (CRYPTO: XRP) token price has continued to head lower in Friday's trading. As of 1:40 p.m. ET, the cryptocurrency's token price had fallen 1.4% over the past 24 hours amid ongoing selling trends impacting valuations across the crypto market. At the same point in the day's trading, Bitcoin had fallen 2.9%, and Ethereum was down 1.7%. On the other hand, the token has seen some recovery momentum as the day's trading has progressed.
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XRP has moved lower amid macroeconomic and geopolitical concerns
Investors are continuing to move out of speculative, higher-risk investments in response to macroeconomic and geopolitical dynamics. Bullish crypto traders have been betting that the Federal Reserve will issue another cut for interest rates when it meets next month, but missing data tracking for U.S. inflation and unemployment numbers stemming from the government shutdown have increased fears that a cut may not be in the cards.
Along with uncertainty on the rate front and some indicators suggesting the economy is weakening, investors are also reacting to geopolitical dynamics. This morning, a Chinese official warned Japan of a "crushing" defeat if it were to respond militarily to an attempt by China to seize control of Taiwan.
XRP heads lower despite ETF launch
Despite the launch of the Canary XRP ETF yesterday, XRP hasn't seen a powerful swell of bullish support. The launch of the exchange-traded fund (ETF) was seen as a potentially substantial bullish catalyst for the cryptocurrency, but other catalysts have pushed its token price lower.
XRP is now down roughly 1% over the last week of trading as of this writing and 37% from its high. With the newly launched ETF seemingly failing to drive sustained bullish momentum, some investors may be opting to reduce exposure now that the potential catalyst has failed to ignite a near-term rally.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and XRP. The Motley Fool has a disclosure policy.
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