Key Notes
- Producers later confirmed the ticker had incorrectly displayed Solana’s spot price in XRP’s slot.
- XRP price continues to move in a descending channel, dropping 7% in the last 24 hours and losing crucial $1.80 support.
- Spot XRP ETFs recorded $92 million in outflows in the latest session as crypto ETFs bleed.
Ripple’s native cryptocurrency XRP
XRP
$1.64
24h volatility:
3.9%
Market cap:
$99.51 B
Vol. 24h:
$6.27 B
was seen trading at $126 on the CNBC “Crypto World” show. This led many investors to be confused as to what caused this 6,500% upside in XRP price. However, CNBC seems to have confused XRP with Solana
SOL
$104.0
24h volatility:
10.6%
Market cap:
$58.87 B
Vol. 24h:
$9.76 B
, in what seems to be an error with wrong ticker usage.
CNBC Error Showed XRP Price Surging to Three-Digits
A brief on-air graphics error on CNBC this week momentarily showed XRP trading at $126.01. This was enough to trigger major discussions within the trader community.
The mistake occurred during a Jan. 28 segment of Crypto World covering the Senate Agriculture Committee hearing on crypto market structure. At the time, the program correctly displayed Bitcoin
BTC
$78 448
24h volatility:
5.4%
Market cap:
$1.57 T
Vol. 24h:
$83.08 B
at $89,532, down 0.39% on the week, and Ethereum
ETH
$2 389
24h volatility:
9.7%
Market cap:
$288.21 B
Vol. 24h:
$52.07 B
at $2,996, off 0.77%.
However, when the broadcast showed XRP, the on-screen ticker listed “$126.01, -3.8% (7D).” This meant that the XRP price was trading 6,500% higher than its actual market price at $1.90 back then.
However, confirming this glitch, CNBC producers noted that the show had mistakenly inserted Solana’s spot price, which was trading at $126 back then. “On Jan. 28, the show mispriced XRP by using Solana’s value in its place,” the report explains.
During the broader crypto market selloff in the last 24-hours, XRP price is down by an additional 7%, falling under the crucial support of $1.80. Technical indicators show that XRP is trading within a descending channel, marked by a series of lower highs and lower lows. It shows that XRP is currently in strong bearish momentum.
XRP Price descending channel | Source: TradingView
For now, $1.70 remains a critical support zone for the XRP price. On the upside, $1.90 remains a significant resistance area, where selling pressure is likely to stop further upside.
Spot XRP ETF Bleeds by $92 Million
Amid the market-wide correction, crypto ETFs saw major outflows on Jan. 29 trading sessions. Outflows from Bitcoin and Ethereum ETFs nearly stood at $1 billion. Similarly, spot XRP ETFs registered $92 million outflows during yesterday’s trading session, as per data from SoSoValue.
Spot XRP ETF outflows | SoSoValue
As per the on-chain data, most of the outflows were led by the Grayscale XRP ETF (GXRP). The total assets across all ETFs currently stand at $1.2 billion.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.