XRP (XRP-USD) should have enjoyed a tailwind on Monday. Grayscale’s launch of the GXRP ETF on NYSE Arca marked another milestone for institutional access, yet the market barely blinked. Instead of catching a bid, XRP slipped from $2.13 to $2.08 and drifted toward the same fragile support band traders have been watching nervously for days.
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The listing itself is not insignificant. Krista Lynch, Senior Vice President of ETF Capital Markets at Grayscale, called GXRP “another meaningful step in broadening access to the growing XRP ecosystem.” It is the kind of comment that usually injects confidence into an asset that thrives on institutional validation. Even so, price action showed traders were far more focused on technical levels than on another ETF entering the arena.
Grayscale Broadens Its XRP Lineup as ETF Race Accelerates
GXRP now joins a rapidly expanding group of XRP ETFs that includes Canary Capital’s XRPC and products from REX Shares. Several more issuers have filed for automatic Section 8(a) approval, making XRP one of the busiest ETF pipelines outside Bitcoin and Ethereum. The demand reflects a growing appetite for regulated altcoin exposure, something XRP has been uniquely positioned to benefit from after years in regulatory limbo.
This limbo, at least partly, resolved after the 2023 ruling that programmatic XRP sales were not securities. Institutional players have since grown more comfortable entering the market through exchange-listed products. The irony is impossible to miss. After years of arguing that XRP needed regulatory clarity to thrive, the token is now struggling on purely technical grounds while its institutional infrastructure expands around it.
XRP Slides as Technical Pressures Overpower ETF Optimism
The market told its story in the candles and volume. XRP traded inside a choppy band between $2.03 and $2.15 throughout the session. Each attempt to reclaim $2.14 or higher was met with aggressive selling, turning $2.10 from a reliable support level into fresh resistance.
A brief bounce off $2.03 gave bulls a glimmer of hope, but momentum stalled almost immediately. Volume spiked 28% above average during the heaviest selling period, a sign that traders were using strength to exit rather than to accumulate. Even a positive ETF headline could not unwind the lower-highs pattern that has been grinding XRP down since it rejected $2.30 earlier in the week.
Key XRP Price Levels Define Whether Bulls Stand a Chance
A decisive break below $2.03 would expose a liquidity pocket toward $1.91, which remains the next meaningful zone. Some traders also warn that if Bitcoin continues its slide, XRP may struggle to defend the $2.00 threshold at all.
A turn in sentiment requires reclaiming $2.14 first and $2.20 after that. Until those levels flip, ETF launches may provide narrative fuel, but the charts continue to dictate the direction.
At the time of writing, XRP is sitting at $2.0964.
