XRP's 'Bearish Skew' Persists Amid 10% Price Slide Following SEC Appeal and ETF Filing
XRP's options market indicates a higher risk of price decline due to renewed regulatory uncertainty following Bitwise's ETF filing. Bitwise submitted an S-1 form to the SEC for an XRP ETF, but the SEC quickly appealed a ruling favoring Ripple Labs regarding XRP's classification. The SEC previously charged Ripple with selling unregistered securities, which negatively impacts XRP's market perception. XRP's price dropped 11% to 53.7 cents in 24 hours, with a week-to-date loss exceeding 16%. It ranks as the third worst-performing cryptocurrency among the top 100. Options traders show increased bearish sentiment towards XRP, with a seven-day call-put skew of -3.2%, while Bitcoin and Ether skews remain neutral or slightly positive. XRP's perpetual futures market funding rates have turned positive after a brief negative period.
