news 
XRP Major Metrics Plummet, Where Price Heading?
Ripple’s flagship token, XRP, has been experiencing a tumultuous journey recently. In February, its price plummeted from $3.03 to as low as $2.10 within just 48 hours. This shocking move was followed by another dip that saw it find support at $2.50.
Despite this current downturn, XRP’s recent trading volume has seen a surge of 46.20% over the past 24 hours, reaching $5.53 billion. This significant increase in trading activity may potentially support the token’s rebound efforts and aid its struggle to reclaim the $3 price level.
A major boost for XRP comes from Brazil’s approval of the first spot exchange-traded fund (ETF) pegged to the Brazilian real. Although the listing date has not been disclosed, this development signals a significant win for XRP in the South American market. The U.S. market is also awaiting a decision from the Securities and Exchange Commission (SEC) on Grayscale’s pending application for an XRP ETF.
Aside from Grayscale, other asset managers like 21Shares and Bitwise have also submitted their applications to offer an XRP ETF. While these developments may not be directly impacting the current price action, they are likely to contribute positively in the long run.
As XRP continues its journey back to stability, it is crucial to keep a close eye on these key catalysts that can affect the token’s trajectory.
Source: u.today
