XRP Price News: Plunges 7%, but Will XRPC ETF Rise on Second Day?

XRP experienced a significant drop of 7.3%, reaching around $2.30, due to broader market declines and institutional sell-offs. This decline coincided with the launch of Canary Capital's XRPC, the first U.S. spot XRP ETF, which initiated with $58M in trading volume. Analysts warn that the cryptocurrency market remains fragile and vulnerable to further downturns influenced by macroeconomic factors and significant token movements, particularly as XRP's on-chain data indicated a large transfer of tokens between unknown wallets during this volatility. The breakdown breached key support levels at $2.36, $2.40, and $2.46, with traders now focused on the importance of maintaining support at $2.29 to avoid a drop into the $2.00-$2.20 range. Recovery above $2.36 is crucial for bullish sentiment, while upcoming ETF inflows could act as a catalyst for market volatility, steering traders' actions in the wake of the new ETF listing.

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