Millions of XRP Dumped in Mere Minutes as SEC Strikes Back

U.Today
U.Today

30 Jun 2023 5:00 PM

Regulator's unexpected announcement unleashes crypto market blood bath, XRP affected too...

  • XRP token experienced a sudden drop of more than 6.4% within half an hour due to a massive sell-off of 50 million XRP, with 30 million sold in just five minutes.
  • The sell-off was triggered by a report from the Wall Street Journal stating that filings for spot Bitcoin exchange-traded funds (ETFs) are incomplete and unclear, causing a $56 billion decrease in market capitalization.
  • The Securities and Exchange Commission (SEC) mentioned that they are open to considering ETF applications once they are finalized.
  • Despite the market impact, some remain optimistic, pointing to the potential bright future of the crypto industry with the SEC's willingness to reconsider ETF applications and the interest of financial powerhouses like BlackRock and Fidelity.

The article presents a negative sentiment due to the sudden drop in XRP token value and the decrease in market capitalization. However, it also highlights a glimmer of hope for the crypto industry with the SEC's potential reconsideration of ETF applications.

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You May Ask

What caused the sudden drop in XRP token value?How much XRP was sold during the sell-off?What impact did the Wall Street Journal report have on the overall market capitalization?What is the SEC's stance on ETF applications?Why do some remain optimistic about the future of the crypto industry despite the sell-off?

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