XRP (XRP-USD) should have rallied after Canary Capital’s XRPC ETF officially hit Nasdaq on Wednesday evening. The debut drew strong interest, instantly giving institutions a clean product for direct XRP exposure. Instead, the broader crypto selloff overwhelmed the news, and traders used the moment to unload risk.
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XRP logged its sharpest intraday drop in weeks. The token fell from $2.48 to $2.30 in a single day, wiping out recent gains and breaking a level that had acted as psychological support for weeks. Bitcoin weakness set the tone and kept buyers on the sidelines. Analysts warn that the current backdrop still resembles a short-term bounce inside a much larger downtrend.
XRP Breaks Support after Heavy Selling
The worst damage came during a four-minute liquidation burst early Thursday. XRP dropped from $2.31 to $2.29 after a spike of forced selling hit the books. Volume surged to more than 250% above normal, a signature of liquidation-driven pressure. Total trading volume for the session reached 157.9 million XRP, almost 50% above the daily average.
On-chain flows added uncertainty. More than 110.5 million XRP moved between unknown wallets during the breakdown. These transfers arrived as volatility peaked, increasing concern that more supply may enter exchanges if conditions worsen.
XRP Technicals Shift Bearish
The decline confirmed a clean technical breakdown. The descending triangle structure that traders had been watching failed. Support now sits near $2.29, with previous levels at $2.36, $2.40, and $2.47 turning into layered resistance.
Momentum indicators show oversold conditions, but none have signaled a proper reversal. XRP remains below key moving averages and well within the broader downtrend that has weighed on major tokens for weeks.
What Traders Should Look Out for Next
$2.29 is now the price level that matters. Losing that region exposes a quick slide into the $2.00–$2.20 zone. Any meaningful recovery must retake $2.36 before bulls regain control.
The next catalyst will be XRPC volume at the next U.S. session open. Strong inflows could stabilize sentiment. Weak flows may confirm that institutions see the ETF as liquidity rather than opportunity.
Investors should be aware that a successful ETF launch is no match for a risk-off market. At the time of writing, XRP is sitting at $2.2633.
