XRP (XRP) fell 5.30% in the last 24 hours.

Gate News Bot news, on November 4th, according to CoinMarketCap data, as of the time of writing, XRP (XRP) is currently priced at $2.29, having fallen by 5.30% in the last 24 hours, with a high of $2.68 and a low of $2.25. The current market capitalization is approximately $13.742 billion, a decrease of about $769 million from yesterday.

The XRP Ledger (XRPL) is a decentralized public blockchain led by a community of global businesses and developers, aimed at solving problems and creating value. With over a decade of error-free operation, XRPL provides simplified development, low transaction costs, high performance, and sustainability. It allows developers to build projects with confidence, advancing the most critical initiatives. Features of XRPL include public and decentralized architecture, simplified development, high performance, low costs, an active community, and proven reliability.

Important news about XRP recently:

1️⃣ Progress of Spot ETF Applications Bitwise and Grayscale have disclosed the fee structures for their XRP spot ETFs, with Bitwise proposing a management fee of 0.34% and Grayscale setting it at 0.35%. These ETF products are expected to be listed soon without prior approval from the SEC, and the first XRP spot ETF may be seen within two weeks. This development marks a further integration of XRP into traditional financial markets, potentially bringing in more institutional capital.

2️⃣ Ripple launches digital asset services in the US market Ripple officially announced the launch of digital asset spot prime brokerage services for the U.S. market. U.S. institutional clients can now engage in over-the-counter spot trading of dozens of mainstream digital assets, including XRP, through the Ripple platform. This move helps enhance the liquidity and institutional participation of XRP, further solidifying its position in the cryptocurrency market.

3️⃣ Short selling pressure in the market increases A trader known as the “anti-CZ whale” has accumulated over $21 million in unrealized profits from shorting XRP across multiple wallets. This trader is simultaneously shorting various cryptocurrencies, with total profits nearing $100 million. This large-scale shorting activity may exert some pressure on XRP's short-term price, increasing market volatility.

From a technical perspective, XRP is currently facing a key support level at $2.25. Fundamentally, although the advancement of ETF products and the expansion of Ripple's services provide long-term benefits for XRP, it still faces short-term selling pressure and the impact of overall cryptocurrency market volatility. Investors need to closely monitor market trends and regulatory developments.

This message is not intended as investment advice; investors should be aware of market volatility risks.