XRP Slumps Amid Net ETF Outflows and Regulatory Uncertainty
XRP's price has declined by 2.91% on the day, trading at $1.021, and is currently below its key short- and long-term moving averages.
The decline is attributed to net outflows of $3.58 million from XRP spot exchange-traded funds (ETFs) on August 5, indicating weakened investor demand and potential profit-taking by larger holders.
Ripple secured full MiCA regulatory approval in Europe, but this milestone had a limited impact on trading activity.
The ProShares Ultra XRP ETF has lost more than 94% of its value since launch, reflecting sustained weakness in leveraged investor appetite.