Latest Developments on Ripple (XRP) as November 18th Unfolds

Despite notable advancements surrounding XRP and ongoing positive sentiment from market experts, the asset’s valuation remains significantly low on a weekly basis.

In this article, we summarize the latest news related to the cross-border token and the company behind it.

Which ETF Comes Next?

The first spot XRP ETF in the U.S. that tracks the cryptocurrency’s performance began trading on the Nasdaq Global Market last week. This product, named XRPC, was launched by Canary Capital and achieved success on its debut by generating nearly $60 million in trading volume.

There are several other spot XRP ETFs awaiting approval that could launch soon. Recently, Eric Balchunas, the Senior ETF expert at Bloomberg, mentioned that according to the SEC’s updated guidelines, companies can expedite their filing processes, potentially paving the way for Bitwise’s XRP ETF to launch next.

Contrary to this view, XRP Army member Steph IS CRYPTO predicts that Franklin Templeton’s spot XRP ETF will be launched later today (November 18).

These investment funds streamline the process for investors, allowing them to gain direct exposure to Ripple’s token in a regulated manner without the hassle of safeguarding assets. Analysts suggest this development might increase interest in XRP and possibly trigger a price rally.

XRP Price Outlook

Despite the positive news concerning ETFs, XRP has suffered substantial losses over the past week, decreasing by over 15% and trading at approximately $2.16 (according to CoinGecko). This decline coincides with a broader correction in the crypto market, with Bitcoin (BTC) dipping below $95,000.

X user Ali Martinez described $2.15 as the critical threshold for XRP. He believes that as long as it maintains this level, there’s potential for a rebound into the $2.40 – $2.70 range.

Whales Continue to Sell

One factor affecting XRP’s performance is the exodus of whale investors. Historically, large holders have offloaded approximately 1.4 billion tokens in less than a month.

Recently, market players sold an additional 200 million coins worth over $440 million in just 48 hours. Such mass sell-offs increase the token supply in the market, potentially causing further price drops and may dissuade smaller investors from participating.

Scam Warnings

There has been an uptick in scam activities lately, specifically targeting Ripple community members. Last week, the company warned that fraudsters are using counterfeit Ripple or XRP livestreams and promotions to deceive individuals into sending funds to fraudulent accounts by promising unrealistic returns.

Ripple emphasized that its team will never ask users for asset transfers, wallet information, or participation in investment streams, advising everyone to confirm information through official channels.

In a follow-up alert, the company reported an increase in fake ’live’ YouTube broadcasts during and after its annual Swell conference held earlier in November in New York City.