XRP Plunges 7% Despite Record ETF Debut

The cryptocurrency token XRP experienced a steep selloff on Thursday, dropping more than 7% to close near $2.30 after the launch of its first U.S. spot exchange-traded fund (ETF), XRPC by Canary Capital. This move came despite strong inflows for the ETF which set records for this year’s debut, contributing to market volatility and uncertainty. While investors were expecting the ETF debut to boost sentiment, it appears the sell-off triggered by a combination of factors, including technical sell-offs, investor hesitation, and macro risks that negatively impacted the broader crypto markets, contributed to XRP’s decline.