Ripple-Linked XRP Token Plunges 7.3% Despite ETF Launch Fanfare Amid Bitcoin Weakness

XRP Drops 7.3% as $2.30 Floor Breaks During Historic XRPC ETF Debut

XRP plunged 7.3% from $2.48 to $2.30 Friday, slicing through key support at $2.46, $2.40, and $2.36. The sharp decline coincided with the launch of the first U.S. spot XRP ETF, Canary Capital’s XRPC, which went live on Nasdaq at 5:30 PM ET. Despite the milestone for institutional XRP access, the broader crypto market remained under pressure, and the ETF did little to halt selling.

Risk sentiment remained firmly negative, with analysts including FxPro’s Alex Kuptsikevich warning that the market still reflects “a short-term rebound within a larger decline.” On-chain data showed 110.5 million XRP moved between unknown wallets, intensifying uncertainty during peak volatility.

Price Action Highlights
XRP traded 157.9 million tokens in 24 hours, 46% above average. A four-minute liquidation cascade from 04:32–04:35 UTC saw price drop from $2.313 to $2.295 on 6.6 million XRP volume—254% above baseline. Liquidity briefly evaporated as the market flatlined, and XRP settled into $2.30–$2.32 consolidation.

Technical Snapshot

• Support/Resistance: $2.29–$2.30 is the new floor; reclaiming $2.36 is critical for bulls.
• Volume: Elevated session volume confirms heavy distribution; post-crash recovery is weak.
• Chart: Descending triangle support failed, aligning with the medium-term downtrend.
• Momentum: Oversold conditions emerging; prices remain below key EMAs.

What Traders Should Watch

• Breach of $2.29 could trigger a rapid drop to $2.00–$2.20.
• ETF inflows may dictate the next volatility phase.
• On-chain whale transfers remain a wildcard; additional exchange inflows could signal further downside.
• Beta-sensitive XRP will continue to mirror broader crypto market weakness.

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