The debut of Canary Capital’s spot XRP ETF was one of the standout moments for the XRP community this year, bringing the token into the US ETF arena with strong opening volume and a lot of attention from traders.
Lots of holders entered launch week expecting these types of headline events to push XRP into a sharp rally, especially after years of waiting for regulated entry in the United States. Instead, price action has remained relatively subdued, creating a gap between expectations and reality.
In a new 26 minutes video shared on Xfinancial coach Coach JV tried to bridge that gap, explaining why XRP hasn’t exploded higher yet and what he thinks holders should actually be focusing on.
Coach JV places XRP in a macroeconomic perspective
XRP’s Spot ETF has undoubtedly been a success, considering the amount of inflows it has had in its first two days of trading. However, this has yet to translate into a rise in the price of XRP, as many traders are doing had predicted and expected.
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Instead, XRP’s price action has been highlighted by a downtrend in recent days. Much of this price decline is due to the broader decline in the crypto market.
During his slump, Coach JV approached the XRP situation from a macroeconomic perspective. Rather than viewing the ETF launch as an isolated trigger, he contextualized XRP’s current price behavior within the larger environment facing the financial markets.
An important theme of his vision was the way people respond to hype. Coach JV clearly stated that the only way is to have discipline and a consistent plan. He did not build his message on chasing short-term excitement or reacting emotionally to price movements.
His focus was on having a structure that an individual can stick to, regardless of whether XRP moves quickly after the ETF’s launch or takes longer than many expected.
Is $5 next? Don’t know
Coach JV also addressed one of the most common questions floating around the community: whether $5 is the next big target for XRP now that an ETF is live.
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“Is the next $5? I don’t know; I’m not counting on that, I’m not waiting for it, I believe it’s going to happen at some point, and I’ve got my exit strategy in place,” he said.
That tone is now being echoed by others in the community that push back against unrealistic objectives. Zach Rector recently reminded his audience that XRP is not heading towards triple-digit prices this year, despite widespread speculation.
Another commenter, known as Xoom on Xmade a similar comment, saying that XRP won’t reach $100 or even $10 based on ETF momentum alone.
At the time of writing, XRP is trading at $2.18, down 3.5% in the last 24 hours. It is still too early to conclude how much impact Spot XRP ETFs will have on the price in the long term, especially at major issuers such as BlackRockFidelity and Grayscale have yet to launch their own offerings.
Featured image from iStock, chart from Tradingview.com