XRP Plummets 10% as Morgan Stanley's ETF Holdings Remain

XRP has continued its downward trend, losing over 10% of its value in the past week. Despite this decline, Morgan Stanley's recent Q2 filings revealed that the investment firm holds exposure to XRP through three ETFs.

The funds in question include Franklin's fund, REX-Osprey's ETF, and Bitwise's ETF. Morgan Stanley's holdings are not alone, as other investment managers have also reported XRP ETF holdings despite the token's significant decline of almost 70% this year.

A closer look at the market data reveals a continued downside risk for XRP. The token's Taker Buy/Sell Ratio has fallen to its lowest level since May, indicating stronger selling pressure in derivatives. Additionally, futures open interest stands above the 30-day average, with a Z-score that suggests leverage is still stacked.

XRP needs to reclaim $1.24 to improve its structure, according to ChartNerd's analysis. If it fails to do so, a possible accumulation zone of $0.90-$0.70 may be triggered, leading to a retest of the three-month 40 EMA to form a stronger base.