XRP Slides 7.3% Below $2.30 as XRPC ETF Debut Fails to Support Bulls
XRP tumbled 7.3% from $2.48 to $2.30 Friday, breaking key support levels at $2.46, $2.40, and $2.36. The drop coincided with the Nasdaq debut of Canary Capital’s XRPC, the first U.S. spot XRP ETF, which went live at 5:30 PM ET. Despite the milestone for institutional access, broader crypto markets remained under pressure, and the ETF did little to halt selling.
Sentiment stayed bearish, with FxPro analyst Alex Kuptsikevich noting that the market resembles “a short-term rebound within a larger decline.” On-chain data showed 110.5 million XRP moved between unknown wallets during peak volatility, intensifying uncertainty.
Price Action
XRP traded 157.9 million tokens in 24 hours, 46% above the daily average. A four-minute liquidation cascade from 04:32–04:35 UTC saw price fall from $2.313 to $2.295 on 6.6 million XRP volume—254% above baseline. Liquidity briefly evaporated, and XRP settled into a $2.30–$2.32 consolidation range.
Technical Snapshot
- Support/Resistance: $2.29–$2.30 now serves as primary support; $2.36, $2.40, and $2.47 act as resistance. Bulls must reclaim $2.36 to regain control.
- Volume: Elevated session volume confirms institutional-grade distribution; recovery volume remains muted.
- Chart: Descending triangle support failed; medium-term downtrend intact.
- Momentum: Oversold signals emerging; price remains below key EMAs.
Key Takeaways for Traders
- Breach of $2.29 could trigger a slide to $2.00–$2.20.
- ETF inflows may dictate the next volatility phase.
- On-chain whale transfers remain a wildcard; further exchange inflows could indicate additional downside.
- XRP remains highly sensitive to broader crypto market weakness.
