XRP struggled to hold $3.00 on Monday before a sharp overnight selloff erased support, sending the token down 3.46% amid record trading volume. The 24-hour session, spanning September 21, 03:00 to September 22, 02:00, saw XRP swing between a high of $3.014 and a low of $2.910, reflecting heightened market volatility.
The downturn coincided with the debut of the first U.S.-listed XRP ETF, which posted $37.7 million in opening-day volume—the largest ETF launch of 2025. Despite the bullish news, institutional profit-taking dominated trading, overshadowing the positive catalyst.
Market Context
- ETF Launch: The U.S. XRP ETF’s first day set a new record for 2025 with $37.7 million in trading volume.
- Macro Environment: Federal Reserve policy remains in focus, with markets pricing in near-certain September rate cuts that historically support crypto.
- Analyst Take: Technical resistance persists near $3.00, suggesting structural consolidation despite ETF momentum.
Price Action Highlights
- XRP fell from $3.01 to $2.91, closing at $2.92.
- A midnight crash drove prices from $2.973 to $2.910, generating 261.22 million in trading volume, roughly four times the daily average.
- Liquidations totaled $7.93 million, with 90% hitting long positions.
- In the final hour, XRP rebounded briefly to $2.94 before settling back at $2.92, forming a resistance cluster at $2.93–$2.94.
Technical Analysis
- Trading Range: $0.104, representing 3.46% volatility.
- Resistance: $2.98–$3.00 following a high-volume rejection.
- Support: $2.91–$2.92, tested repeatedly during the crash.
- Consolidation: XRP failed to hold above $2.93 in the final hour, signaling short-term bearish pressure.
- Volume: 261 million confirms strong institutional selling during the overnight session.
Key Questions for Traders
- Can XRP reclaim and sustain closes above $3.00, or will resistance near $2.98–$3.00 continue to cap gains?
- How will secondary ETF flows affect liquidity after the record-breaking day-one participation?
- Will the Fed’s September rate decision spark renewed inflows into crypto?
- Exchange reserves are at 12-month highs, pointing to a potential supply overhang despite strong institutional demand.
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