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Why XRP (Ripple) Is Sinking Today

TheMotleyFool

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Since yesterday afternoon, the price of XRP (CRYPTO: XRP) traded close to 7% down, as of 10:53 a.m. ET today. There's no obvious reason behind the move, but many cryptocurrencies seemed to be struggling today for a few different reasons.

One notable piece of news occurred after the U.S. Securities and Exchange Commission (SEC) delayed the conversion of Bitwise's crypto index fund into an exchange-traded fund (ETF). Interestingly, the division of trading and markets at the SEC gave Bitwise "accelerated approval" for the ETF conversion yesterday, but then delayed the approval later on, causing confusion.

Image source: Getty Images.

Source Fool.com

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