XRP News Today: BlackRock Abandons XRP ETF Plans Amid Bearish Price Pressure and Regulatory Uncertainty

XRP is navigating a challenging market environment as its price continues to decline, with recent fluctuations drawing attention from both retail and institutional investors. Over the past 24 hours, the token’s value has dropped to around $2.20, approaching a key support level that could influence its near-term performance [1]. Trading volume has also fallen by 19%, indicating a temporary slowdown in selling pressure, but the broader market sentiment remains bearish, reflected in $230 million in crypto liquidations during the same period [1].

Compounding these price pressures, BlackRock, one of the largest asset management firms globally, has opted to abandon its plans for a spot XRP ETF. This decision signals a notable retreat in institutional confidence, particularly after the firm had previously shown interest in the asset. Instead, BlackRock has shifted its focus to Ethereum, adding $69 million in new holdings [2]. The move highlights a recalibration of risk and regulatory concerns, with XRP’s legal uncertainties continuing to pose a hurdle for widespread institutional adoption.

Despite the recent downturn, XRP still attracts interest from major institutional players. Several publicly traded companies have been exploring the token for use in treasury management, drawn by its fast transaction speeds and low costs [3]. This trend suggests that while the broader market is pulling back, some institutional actors see value in XRP’s utility and potential for integration into existing financial infrastructure. However, the absence of a clear regulatory path—particularly for ETF approvals—remains a critical barrier to broader acceptance.

The market is now closely monitoring whether XRP can stabilize around its current price level. Analysts such as CrediBULL Crypto have noted that a successful defense of key support levels could trigger a rally toward the upper end of its current trading range [1]. Meanwhile, Ali Martinez has emphasized that a move above $3.27 could set the stage for a test of the $3.60 level and, in the longer term, potentially a significant breakout toward $12.60 [1]. These technical indicators offer a potential roadmap for recovery, but they remain contingent on broader market conditions and regulatory developments.

Steven McClurg of Canary Capital has expressed confidence in XRP’s long-term potential, particularly in relation to its ability to outperform Ethereum in an ETF context. He has pointed to XRP’s yield structure, market positioning, and strong community as key differentiators [1]. However, Ethereum’s growing adoption, regulatory progress, and integration into DeFi ecosystems continue to offer compelling advantages to investors and institutions alike.

With the U.S. Securities and Exchange Commission (SEC) recently concluding its lawsuit against Ripple, speculation about XRP ETF approvals has resurfaced. Market forecasting platform Polymarket currently assigns an 81% probability of approval, down from previous highs of 90% [1]. While this suggests that hopes for an ETF listing have not entirely disappeared, the lack of action from major players like BlackRock indicates ongoing uncertainty. The outcome of these regulatory and market dynamics will likely determine XRP’s path forward.

The recent accumulation of 900 million XRP by large investors, or “whales,” also suggests that demand for the token has not completely waned [1]. This activity, occurring amid elevated selling pressure, may indicate that some market participants view the current price environment as an opportunity to acquire XRP at a discount.

Overall, XRP remains highly sensitive to both technical price levels and developments in the ETF space. The withdrawal of BlackRock’s ETF plans has added weight to bearish sentiment, but the token’s utility and growing corporate interest suggest that it is not without potential. The coming months will be critical in determining whether XRP can regain momentum or continue to face headwinds in a cautious market.

Source: [1]XRP Price Prediction: XRP Nears Key Support That Could Push it Back to $2.65 (https://cryptodnes.bg/en/tag/bitcoin/page/12/) [2]BlackRock Rotates Out of Bitcoin, Pours $69M Into Ethereums (https://cryptodnes.bg/en/tag/bitcoin/page/12/) [3]Corporate Interest in XRP Surges as Firms Eye It for Treasury Reserves (https://cryptodnes.bg/en/tag/bitcoin/page/12/)