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

XRP faced a sharp 7.3% decline, breaking the crucial $2.30 support level in a broader market downturn, despite the launch of the first U.S. spot XRP ETF, Canary Capital's XRPC. The ETF's launch coincided with increased institutional access but highlighted existing market volatility. Analysts warn that conditions may lead to further declines due to substantial token movements and fragile market sentiment. XRP's price dropped from $2.48 to $2.30, slicing through several support levels during a significant selloff characterized by a spike in trading volume. This decline, driven by a liquidation cascade, indicates structural damage in the market, which could lead to further instability. Analysts suggest that holding the $2.29 level is essential to avoid rapid declines into the $2.00–$2.20 range, while any recovery efforts must reclaim $2.36 to restore buyer confidence. The market remains cautious with key movements and ETF inflows as potential catalysts for future volatility.

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