What to Know:
- XRP experienced a significant intraday decline, breaking below the $2.30 support level amidst broader crypto market weakness.
- The launch of the first U.S. spot XRP ETF, Canary Capital’s XRPC, coincided with this downturn, adding complexity to the market debut.
- Traders should closely monitor key support and resistance levels, ETF inflows, and on-chain data to gauge potential future price movements.
The price of XRP experienced a sharp decline, breaking through the $2.30 support level, despite the milestone launch of the first U.S. spot XRP ETF. This selloff erased recent gains as distribution overwhelmed the excitement surrounding the XRPC debut on Nasdaq. Investors are now closely watching how XRP navigates this volatility amid broader market uncertainty.
The launch of Canary Capital’s XRPC marks a pivotal moment, offering increased institutional access to XRP. However, its debut occurred amidst persistent macro risk-off sentiment, with analysts cautioning that crypto conditions still resemble a short-term rebound within a larger decline. On-chain data revealed significant movement of XRP tokens between unknown wallets during the breakdown, amplifying uncertainty during peak volatility.
From a technical perspective, XRP’s breakdown confirmed structural damage, with key support levels now acting as resistance. The failure to stabilize above $2.31 led to consolidation near $2.30–$2.32. Traders should monitor whether XRP can reclaim $2.36 to regain technical control, while holding $2.29 remains essential to avoid further downside towards the $2.00–$2.20 demand zone.
Looking ahead, ETF inflows will serve as a crucial catalyst for XRP’s price action. Early volume in XRPC during market open will indicate whether institutions view the listing as an opportunity for accumulation or a liquidity event. The on-chain flows surrounding the 110.5M XRP whale transfers also remain a key factor to watch, as exchange inflows could signal additional downside risk.
Source: Original article
