XRP's 10% Decline

XRP has experienced a significant drop of 10% as renewed regulatory uncertainty has overshadowed ETF optimism. The recent prices are reflecting traders' fears regarding further declines in the market.

While Bitwise sought to file for an ETF to invest in XRP, the SEC quickly responded with an appeal against a recent favorable ruling for Ripple Labs. This kind of uncertainty typically brings bearish sentiment, leading to decreased confidence among investors.

• Current Price: XRP has fallen to 53.7 cents, marking an over 16% loss this week.
• The call-put skew in the options market indicates a heightened fear among traders concerning price drops compared to gains.

Given these developments, XRP's position in the market continues to be closely watched, reflecting the intertwined nature of regulatory actions and market movements.