Coin Edition -
- 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/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.
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