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

XRP fell sharply by 7.3%, breaking the critical $2.30 support level, coinciding with the broader cryptocurrency market downturn. This decline came on the same day as the launch of the first U.S. spot XRP ETF by Canary Capital. While this launch was meant to increase institutional access to XRP, it also underscored market volatility. Analysts fear that the market's current conditions reflect a temporary rebound amid an ongoing decline, as large movements in token flows and weak sentiment have added to uncertainty. XRP traded 157.9 million tokens during this period, significantly above the 24-hour average, with a notable breakdown occurring within just a few minutes. Technical indicators now suggest that maintaining the $2.29 support is crucial, with any failure potentially leading to a decline into the $2.00-$2.20 range. Additionally, recovery will depend on reclaiming the $2.36 resistance level, while upcoming ETF inflows will serve as an indicator of market sentiment regarding this new listing.

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