Over the past 24 hours up until now, approximately 10:53 a.m. Eastern Time, the value of XRP (XRP) has dropped by nearly 7%, with no clear cause identified. It appears that numerous cryptocurrencies are experiencing difficulties today due to various factors.
ETF delay
Noteworthy developments arose following the U.S. Securities and Exchange Commission (SEC) postponing the transformation of Bitwise’s crypto index fund into an exchange-traded fund (ETF). Intriguingly, the SEC’s trading and markets division granted Bitwise an “expedited approval” for the ETF conversion yesterday, but later on, they deferred the final approval, leading to some uncertainty.
According to Bloomberg’s senior ETF analyst, Eric Balchunas, he believes that they intend to release their standard guidelines for listings initially, which could be announced shortly. After receiving feedback, they will make the necessary adjustments. He anticipates this process to be completed by October. This is just his hypothesis, though.
In a recent analysis, FxPro’s lead market analyst Alex Kuptsikevich mentioned in a report picked up by Barron’s, that cryptocurrencies have been following a temporary pattern linked to the calendar, showing increased activity at the start of each month but more caution as the month ends. Essentially, he stated that crypto trading is currently influenced by technical factors, disregarding the optimistic mood in the stock market.
ETF approval for many cryptocurrencies still likely
Investors eagerly anticipate Spot-crypto Exchange Traded Funds (ETFs) because they are believed to boost liquidity and institutional ownership for many cryptocurrencies. Consequently, the delay by the Securities and Exchange Commission (SEC) didn’t sit well with them. However, a spot XRP ETF remains optimistic, despite a decrease in odds on Polymarket, currently standing at 85%.
Among several captivating cryptocurrencies, XRP stands out due to its robust technological foundation and promising role in facilitating international transactions. However, it’s essential to acknowledge that its value can be quite unpredictable. Therefore, I suggest investors maintain a cautious approach, keeping their investments moderate and more speculative at this juncture.
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2025-07-23 19:51