XRP (XRP) has fallen 0.33% in the last 24 hours.

Gate News Bot message, November 5th, according to CoinMarketCap data, as of the time of this report, XRP (XRP) is currently trading at $2.24, having fallen 0.33% in the last 24 hours, with a high of $2.66 and a low of $2.08. The 24-hour volume reached $9.988 billion. The current market capitalization is approximately $134.539 billion, a decrease of $444 million from yesterday.

The XRP Ledger (XRPL) is a decentralized, public blockchain led by a global community of businesses and developers, aimed at solving problems and creating value. With over a decade of error-free operation, XRPL offers simplified development, low transaction costs, high performance, and sustainability. Developers can confidently build on XRPL, advancing the most critical projects. The main advantages of XRPL include openness and decentralization, simplified development, high performance, low cost, an active community, and proven reliability.

Recent important news about XRP:

1️⃣ Progress of XRP Spot ETF Application Bitwise and Grayscale have respectively 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 SEC approval, with the first XRP spot ETF likely to be seen within two weeks. This development marks a further integration of XRP into traditional financial markets and is expected to bring more institutional capital inflows.

2️⃣ Ripple Expands Digital Asset Services in the US Ripple officially launched a digital asset spot prime brokerage service for the US market. Institutional clients in the US can now conduct over-the-counter spot trading of dozens of mainstream digital assets, including XRP, through the Ripple platform. This initiative helps enhance the liquidity and institutional participation of XRP, further solidifying its position in the cryptocurrency market.

3️⃣ Increasing market short-selling pressure A large trader has accumulated over $21 million in unrealized profits from shorting XRP across multiple wallets. This trader has simultaneously shorted various cryptocurrencies, with total profits approaching $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 of $2.25. On the fundamental side, although the advancement of ETF products and the expansion of Ripple services provide long-term benefits for XRP, it still faces short-term short-selling pressure and the impact of fluctuations in the overall cryptocurrency market. Investors need to closely monitor market trends and regulatory developments.

This message does not constitute investment advice; investors should be aware of market volatility risks.