XRP Slips to $2.08 as Grayscale GXRP ETF Launch Fails to Boost Price
XRP fell to $2.08 on Tuesday despite Grayscale debuting its Grayscale XRP Trust ETF (GXRP) on NYSE Arca, which offers direct exposure to the token. Traders are watching $2.03 support closely, with a break potentially driving the price toward $1.91.
GXRP, initially launched as a private placement in September 2024, was converted into a spot ETF alongside Grayscale’s new Dogecoin product. Krista Lynch, Grayscale’s Senior VP of ETF Capital Markets, described the launch as “a meaningful step in broadening access to the growing XRP ecosystem,” catering to both institutional and retail investors.
The ETF adds to a growing roster of XRP-based products, including offerings from Canary Capital and REX Shares, highlighting strong institutional appetite for regulated XRP exposure.
XRP’s regulatory history continues to weigh on market sentiment. The SEC previously challenged Ripple over $1.3 billion in unregistered sales. A 2023 ruling clarified programmatic exchange sales were compliant, while direct institutional sales were deemed securities—providing partial clarity that supports broader adoption.
Tuesday’s trading saw XRP move within a $2.03–$2.15 range as profit-taking and weak spot flows outweighed ETF optimism.
Levels to Watch:
- Support: $2.03, with downside targets at $1.91 and $1.78
- Resistance: $2.20–$2.24
- Bitcoin weakness and renewed whale inflows could intensify pressure
Despite growing institutional infrastructure, XRP remains sensitive to technical factors in the spot market.
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