Ripple Price Falls Below $2 on Day #1 of Bitwise XRP ETF

Core Insights - XRP price has fallen below the $2.00 psychological level, reflecting a broader bearish sentiment in the crypto market, particularly after Bitcoin dropped below $87,000 [1][2][3] Price Performance - As of the latest update, XRP was trading at $1.98, down 2.5% in the last 24 hours and nearly 16% over the past week [2] - The price drop coincided with Bitcoin's decline, which resulted in over $220 million worth of long positions being liquidated within an hour [3] ETF Developments - The Ripple community was engaged in excitement over the XRP ETF launch by Bitwise Invest, which had garnered $22 million in trading volume shortly after its debut [4][5] - Despite the ETF's strong inflows, there is a noted disconnect between these inflows and XRP's price performance, as Glassnode reported a decline in the volume of XRP supply currently in profit [6] Market Sentiment - XRP whales reportedly sold around 200 million XRP within 48 hours of the ETF launch, contributing to the recent price decline [6] - Analysts suggest that it may take until 2026 for institutional flows to significantly impact Ripple's price, indicating that the true effects of the XRP ETF may not be felt until next year [7]