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
$1.76
24h volatility:
5.7%
Market cap:
$107.22 B
Vol. 24h:
$5.02 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
$116.2
24h volatility:
5.3%
Market cap:
$65.79 B
Vol. 24h:
$8.41 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
$82 632
24h volatility:
6.0%
Market cap:
$1.65 T
Vol. 24h:
$90.95 B
at $89,532, down 0.39% on the week, and Ethereum
ETH
$2 741
24h volatility:
6.5%
Market cap:
$330.65 B
Vol. 24h:
$45.62 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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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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.
