Ripple CEO Brad Garlinghouse announces the launch of the first US XRP exchange-traded fund (ETF) by Bitwise Asset Management on Nov. 20. The ETF offers regulated exposure to XRP, a digital asset aiming to modernize global payments, targeting a $250 trillion market.

The XRP ETF launch signals growing institutional interest in crypto investment products, marking a milestone for XRP amid years of legal battles with the SEC. A federal judge’s ruling in July 2023 clarified XRP’s status, paving the way for products like the spot XRP ETF.

Despite the positive news, large XRP holders quickly sold off nearly 200 million XRP in 48 hours, causing price volatility. Analysts note a breakdown in XRP’s technical market structure, with the cryptocurrency trading 1.8% lower at $2 per CoinGecko.

Whales, large digital asset holders, exert significant influence on market dynamics, amplifying volatility and shaping sentiment. The heavy selling coincides with XRP’s weakening short-term momentum as traders react to major wallet movements, impacting price action.

Read more at Yahoo Finance: Ripple CEO says ‘turkey trot’ for XRP ETFs starts now