Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
XRP Fails to React Following its Addition to Grayscale’s Digital Large Cap Fund (GDLC)

XRP Fails to React Following its Addition to Grayscale’s Digital Large Cap Fund (GDLC)

Coinedition2024/01/06 11:40
By: Lisa walter
MATIC0.00%AVAX-1.32%XRP-1.03%
  • On Friday, Grayscale announced the addition of XRP to its Digital Large Cap Fund (GDLC).
  • XRP’s price has, however, failed to see any rally since then.
  • Demand for the altcoin has continued to plummet.

Grayscale, in a press release on Friday, announced the addition of Ripple [XRP] to its Digital Large Cap Fund (GDLC).

GDLC is an investment product that provides exposure to a basket of the largest and most established cryptocurrencies by market capitalization. Holdings are rebalanced quarterly to maintain the fund’s target composition.

In its latest rebalancing exercise, the digital asset investment firm disclosed that it sold off certain amounts of the fund’s components to acquire Avalanche (AVAX) and XRP , which led to the removal of Polygon (MATIC) .

“Grayscale has adjusted GDLC’s portfolio by selling certain amounts of the existing Fund Components in proportion to their respective weightings and using the cash proceeds to purchase Avalanche (AVAX) and XRP. As a result of the rebalancing, Polygon (MATIC) has been removed from GDLC,” Grayscale said.

According to the press release, GDLC’s Fund Components now comprise Bitcoin (69.15%), Ethereum (21.90%), Solana (3.65%), XRP (2.54%), Cardano (1.62%) and Avalanche (1.14%). 

XRP Fails to React

Despite the news, XRP’s price has failed to react in the past 12 hours. At press time, the altcoin exchanged hands at $0.56, witnessing a 2% decline in the last 24 hours. In the last month, XRP’s value has plummeted by almost 15%, according to data from CoinMarketCap .  

XRP Fails to React Following its Addition to Grayscale’s Digital Large Cap Fund (GDLC) image 0 XRP Fails to React Following its Addition to Grayscale’s Digital Large Cap Fund (GDLC) image 1 XRP/USDT 12-Hour Chart (Source: TradingView )

The token’s price observed on a 12-hour chart showed that the demand for XRP continued to decline despite the news. Its Relative Strength Index (RSI) was 32.14 at press time, while its Money Flow Index (MFI) was 32.28. At these values, selling pressure exceeded buying activity among market participants.

Likewise, its MACD line was positioned below zero at the time of writing. When an asset’s MACD line falls below zero, it generally indicates a bearish momentum in the market. It suggests that sellers are more dominant, pushing prices lower.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitget x BAY Carnival: Grab a share of 4,000,000 BAY!
Bitget Announcement2025/11/03 10:00

Trending news

More
1
Invite friends to copy trade and grab a share of 80,000 USDT! ​
2
KITEUSDT now launched for futures trading and trading bots

Crypto prices

More
Bitcoin
Bitcoin
BTC
$104,219.15
-3.12%
Ethereum
Ethereum
ETH
$3,495.63
-6.30%
Tether USDt
Tether USDt
USDT
$0.9997
-0.02%
XRP
XRP
XRP
$2.25
-7.37%
BNB
BNB
BNB
$950.96
-8.42%
Solana
Solana
SOL
$157.66
-10.81%
USDC
USDC
USDC
$0.9998
+0.01%
TRON
TRON
TRX
$0.2801
-4.74%
Dogecoin
Dogecoin
DOGE
$0.1613
-7.31%
Cardano
Cardano
ADA
$0.5341
-6.79%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter