XRP Slides 4.3% After XRPC ETF Launch, Pressured by Bitcoin’s Decline but Attracts Buyers Near $2.22

XRP remains under heavy pressure as the token struggles to break back above the $2.23–$2.24 resistance band, reinforcing the broader bearish tone across the crypto market.

The asset saw intense selling at multiple support levels before a sharp, high-volume V-shaped rebound hinted at possible seller exhaustion. Still, the recovery comes amid conflicting institutional signals and elevated macro uncertainty. Market sentiment remains locked in fear, with major cryptocurrencies experiencing heightened volatility and a persistent medium-term downtrend.

Canary Capital’s new U.S. spot XRP ETF (XRPC) delivered an impressive debut, recording $58.6 million in first-day trading volume — far surpassing expectations of $17 million. But the strong launch wasn’t enough to steady XRP. Derivatives markets reflected mounting stress, with roughly $28 million in liquidations over 24 hours, nearly $25 million of which came from long positions.

Analysts note that ETF interest signals institutional curiosity, yet risk-off conditions continue to drain liquidity and suppress momentum across the sector.

Price Action Recap

During the session ending Nov. 16 at 02:00 UTC, XRP fell 4.3%, sliding from $2.31 to $2.22 and forming a $0.10 range with a clear pattern of lower highs confirming bearish structure. The heaviest sell wave hit at 00:00 UTC, when 74 million XRP traded — a 69% spike over the daily average — breaking the $2.24 support and driving price to the session low at $2.22. Three additional volume bursts above 57 million reinforced persistent distribution.

Despite the boost from the XRPC ETF launch, XRP extended losses after rejecting $2.31, failing to hold previous consolidation zones. The price later settled into a tight $2.22–$2.23 consolidation channel.

Technical Breakdown

Support & Resistance

• Primary support: $2.22 (capitulation low)
• Immediate resistance: $2.23–$2.24 zone
• Key Fibonacci level: $2.16 (0.382 retracement), a break of which could accelerate downside toward $2.02–$1.88

Volume Signals

• Breakdown volume: 74M XRP (+69%), signaling a capitulation flush
• Reversal spikes: Two bursts of 4.7M XRP (01:39 and 01:46 UTC) indicating seller fatigue
• Recovery volume: Normalized but steady, pointing toward early bottom-fishing interest

Market Structure

• The overnight move created a clean V-shaped reversal off $2.22
• Higher lows at $2.209 → $2.217 → $2.227 suggest short-term momentum improvement
• The broader downward trend from $2.31 remains intact
• A failure to reclaim $2.23–$2.24 continues to restrict upside

Momentum Indicators

• Intraday oversold conditions triggered the rebound
• Daily trend remains firmly bearish, with both the 50-day and 200-day moving averages trending lower

Key Takeaways for Traders

XRP is sitting at a pivotal short-term level:

• Holding $2.22 is essential; a breakdown exposes $2.16 next, followed by $2.02–$1.88
• Reclaiming $2.24, then $2.31, is necessary to shift short-term structure back to bullish
• Watch how XRPC ETF flows evolve — they may meaningfully influence near-term volatility
• The V-shaped bounce offers temporary relief, but heavy resistance overhead limits near-term upside
• Only a sustained push above $2.48 would flip trend bias toward the $2.60+ region

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