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XRP experienced significant selling, dropping from $2.31 to $2.22, despite the launch of a new spot ETF on XRP in the USA.
The market remains bearish, with XRP struggling to break through the resistance zone at $2.23–$2.24.
Institutional interest is evident in the inflows to ETFs, however broader market pressures continue to hold back the dynamics of cryptocurrencies.
XRP faced strong selling pressure at key support levels before a dramatic, high-volume, V-shaped reversal movement signaled a potential exhaustion of the downward momentum.
The newly launched spot XRP ETF (XRPC) by Canary Capital in the USA registered a trading volume of $58.6 million on its first day, significantly exceeding analysts' forecasts of $17 million. However, the strong debut was unable to stabilize XRP as derivative markets showed signs of stress. Over the course of 24 hours, there were liquidations of XRP totaling approximately $28 million, with long positions accounting for nearly $25 million of the total liquidations.
Market analysts warn that institutional flows remain fragmented — the influx of funds into ETFs indicates interest, but the broader risk-off sentiment continues to suppress liquidity and momentum in the crypto market.
$XRP