XRP Hampered by Surging Oil Prices, Will it Rebound After Overcoming the Setback of Leveraged Fund Postponement?

▲ Ripple (XRP) ©CoinReaders

As macro negative factors such as geopolitical crises from the Middle East and surging oil prices hit, XRP (Ripple) prices are under downward pressure. Meanwhile, the postponement of related fund launches and conflicting outlooks from within and outside the ecosystem are intersecting, escalating market tensions.

According to investment media FXEmpire on April 24 (local time), XRP fell to $1.42 as global risk sentiment deteriorated due to the stalled peace talks between the US and Iran. Brent crude oil surpassed $105.50 per barrel for five consecutive days due to the de facto blockade of the Strait of Hormuz, fueling supply concerns. Consequently, while the US 10-year Treasury yield and the dollar index showed an upward trend for the first time in a month, global stock markets turned downward, exerting heavy downward pressure on the virtual asset market as well.

In addition to this macro instability, regulatory barriers are also hindering a short-term rebound. Asset management firm GraniteShares has once again postponed the launch of its 3x leveraged and inverse XRP Exchange Traded Funds (ETFs) from April 23 to May 7. This marks the fifth postponement in the past three weeks, interpreted as continuous pressure from the U.S. Securities and Exchange Commission (SEC), similar to ProShares' past withdrawal of its 3x leveraged product. The media analyzed that if the launch fails again on May 7, the prospect of launching the product within 2026 could become uncertain.

Even amidst the pessimistic market conditions, there are positive outlooks. Global asset management firm Bitwise optimistically stated that XRP would be one of the assets to strongly benefit in the upcoming new cryptocurrency cycle. With Matt Hougan, Bitwise's Chief Investment Officer, scheduled to speak at the Las Vegas XRP event on April 30, expectations are rising that institutional investors' interest could refocus on XRP starting from this event.

Meanwhile, David Schwartz, Ripple's former Chief Technology Officer, has distanced himself from the government secret transaction theories recently circulating online again. He directly refuted conspiracy theories linking XRP to covert national financial plans or future currency systems, firmly stating that there are no hidden conspiracies or massive government projects.

Schwartz urged investors not to be swayed by groundless rumors or blind faith, but to focus solely on officially confirmed partnerships and real-world use cases of the XRP Ledger. It remains to be seen how the self-correcting efforts within the ecosystem, emphasizing fundamental value amidst macro-economic uncertainties and fund delays, will impact future price trends.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*