XRP News Today: BlackRock Holds XRP ETF Spark Market Dip 4% in 24 Hours

BlackRock’s recent announcement of no imminent plans to launch a spot Exchange-Traded Fund (ETF) for XRP has stirred significant turbulence in the market, triggering a short-term price correction for the asset. Over the past 24 hours, XRP’s value dropped approximately 4%, retreating to a range of $3.14 to $3.15 from the recent high of $3.50 [1]. This decline reflects broader uncertainty among investors, many of whom had been anticipating a potential ETF as a major catalyst for price appreciation.

CrediBULL Crypto, a well-known analyst in the crypto space, has noted that XRP has experienced a weekly downturn of roughly 10%, returning to a key support level where a long-term bullish pattern remains intact. According to the analyst, this represents a favorable entry point for investors willing to take a strategic position in the asset, particularly if it manages to stabilize within this support zone [1]. The possibility of a rebound to the upper end of the current trading range or even a new high remains on the table, contingent on the asset’s ability to maintain this critical level.

Meanwhile, Ali Martinez has highlighted key price thresholds for XRP that could serve as turning points in its near-term trajectory. Martinez suggests that a break above the $3.27 level could pave the way for a move toward $3.60, with a larger breakout from a multi-triangle pattern potentially setting the stage for a medium-to-long-term rise to $12.60 by November 2024 [1]. These technical targets provide a roadmap for traders and investors seeking to navigate the current volatility.

Despite the price decline, on-chain data indicates that significant investors, often referred to as “whales,” continue to show interest in XRP. In the short term, these large holders have been accumulating 900 million XRP, a sign that long-term demand for the asset has not entirely disappeared amid the selling pressure [1].

The absence of an XRP ETF, despite the recent resolution of the SEC’s lawsuit against Ripple, has led to a recalibration of market expectations. BlackRock’s decision has cast doubt on the likelihood of a near-term ETF launch, causing market prediction platforms such as Polymarket to adjust the probability of such an outcome from as high as 90% to the current 81% [1]. While optimism remains, it has been tempered by the firm’s strategic choice not to pursue the product at this time.

Steven McClurg, CEO of Canary Capital, argues that an XRP ETF could still outperform its Ethereum-based counterparts due to the token’s yield structure and broader market positioning. However, he notes that Ethereum’s staking mechanisms may present unique challenges in the ETF approval process [1]. The future of XRP appears to hinge on both regulatory developments and key technical levels in the coming weeks.

BlackRock’s decision has not only affected XRP directly but also reinforced the growing influence of institutional actors in the crypto market. As traditional asset managers continue to explore digital assets, their strategic decisions are increasingly shaping market sentiment and price action. For XRP, the path forward will likely depend on whether the asset can stabilize at key levels and attract renewed institutional interest, despite the current uncertainty surrounding ETF prospects.

[1] BlackRock’s Decision Stirs XRP Market Turmoil (https://coinmarketcap.com/community/articles/689b3163a3ca8d4cd3d8b214/)