XRP ETF Fails to Bump Bulls as Ripple-Linked Token Plunges 7.3% Amid BTC Selloff

XRP experienced a significant 7.3% drop, breaking the crucial $2.30 support level during a broader market downturn. This decline coincided with the launch of the first U.S. spot XRP ETF, Canary Capital’s XRPC, which although increases institutional access, highlighted market volatility. Analysts note sentiment remains fearful amidst ongoing macroeconomic uncertainties, warning of potential further declines. The day saw XRP fall from $2.48 to $2.30, with over 157.9 million tokens traded, a 46% increase from the average. The breakdown included a rapid liquidation phase where XRP’s price fell sharply in a matter of minutes. Technical analysis suggests XRP now faces crucial support around $2.29, and recovery requires reclaiming resistance above $2.36. ETF inflows will be a key indicator moving forward, with on-chain data showing significant token transfers adding to the market's uncertainty. This volatility characterizes XRP’s current trading environment, necessitating close monitoring of price movements and market sentiment.

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