The XRP ETF launch saw $250M inflows, breaking records. However, XRP price dropped 8-9% within a day, falling from $2.31 to $2.20. Derivative markets had $28M in XRP liquidations as traders unwound leveraged long positions during a broader crypto selloff.

The Canary XRP ETF, debuting with $250M inflows, was backed by XRP. Despite high demand for regulated XRP exposure, the token dropped 8% post-launch, hitting $2.22. The ETF’s in-kind mechanism reduced direct spot demand, causing the discrepancy between expectations and reality.

Several factors contributed to XRP’s 8% drop post-ETF launch. A broader crypto slump, $28M in liquidations, and profit-taking played roles. Ripple’s expanding stablecoin plans and concerns about XRP’s role in cross-border settlement added to negative sentiment.

Despite $250M inflows, the XRP ETF launch led to an 8% price drop within 24 hours. Profit-taking, concentrated supply, and broader market conditions contributed to the decline. Analysts see potential for a rebound but warn of bearish signals like a death cross on the charts.

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Read more at Yahoo Finance: XRP’s First ETF Launches With $250M But Price Drops 9%