XRP Price News: Plunges 7%, but Will XRPC ETF Rise on Second Day?
XRP plummeted 7% to $2.30 despite the launch of the first U.S. spot XRP ETF, XRPC, setting a crucial test for support.Summary
XRP experienced a brutal 7.3% intraday selloff, dropping from $2.48 to $2.30, breaking key support levels like $2.36 and erasing recent gains. This decline coincided with the official launch of Canary Capital's spot XRP ETF, XRPC, on Nasdaq, marking a milestone for institutional access.
Analysts remain cautious, viewing the move as a short-term rebound within a larger downtrend, exacerbated by macroeconomic risk-off flows and large token movements totaling 110.5M XRP between unknown wallets. The price breakdown was characterized by a sharp liquidation cascade and high volume (157.9M XRP traded, 46% above average), confirming significant distribution.
Technically, XRP faces a pivotal inflection point: holding the new primary support at $2.29–$2.30 is essential, as failure exposes a drop toward $2.00–$2.20. For bulls to regain control, they must decisively reclaim $2.36. Future price action will heavily depend on initial ETF inflows, which will indicate whether institutions view the listing as accumulation or a liquidity event.
(Source：CoinDesk)