The sharp sell-off breaches the psychological low of $2.30, erasing recent gains as distribution overwhelms XRPC’s historic debut.
News context
XRP’s worst intraday decline in weeks coincided with a major industry milestone: the launch of the first US spot XRP ETF, Canary Capital’s XRPC, now officially live on Nasdaq at 5:30 p.m. ET. The listing marks a turning point for institutional access to XRP, but the debut came as broader crypto markets extended their medium-term downtrend.
The feeling remains pinned to fear in a context of persistent macroeconomic risk aversion. Analysts, including FxPro’s Alex Kuptsikevich, warn that crypto conditions still resemble “a short-term rebound within a larger decline,” with market structure vulnerable to deeper retracements. Large-cap token flows echo this caution, and XRP on-chain data showed that 110.5 million tokens were moved between unknown wallets in the hours following the outage, amplifying uncertainty during spikes in volatility.
Price Action Summary
XRP crashed 7.3% from $2.48 to $2.30 during the 24-hour session, breaking through major support levels at $2.46, $2.40, and $2.36. The decline spans a violent $0.23 range, with 157.9 million XRP traded, 46% above the 24-hour average.
The main breakdown occurred during a four-minute liquidation cascade from 04:32 to 04:35 UTC, when the price plunged from $2.313 to $2.295 on volume of 6.6 million XRP – 254% above the baseline. The one-minute peak of 4.06 million at 04:32 marked the high point of the selling session. Liquidity briefly evaporated as trading stabilized between 04:35 and 04:36, indicating either halted order flow or a sharp decrease in the portfolio.
Attempts to stabilize above $2.31 failed and XRP settled into a narrow consolidation near $2.30 to $2.32.
Technical analysis
The session confirmed a complete technical failure with obvious structural damage:
Support/Resistance:
• $2.29 to $2.30 becomes the main support after a breakdown of the psychological floor
• Former support at $2.36, $2.40And $2.47 now acts as a stacked resistor
• The invalidation of bulls requires a decisive recovery of $2.36
Volume profile:
• Total session volume 157.9 million (+46%) confirms the institutional quality distribution
• Fault sequence displayed 254% hourly volume peak, typical of liquidation-related movements
• No significant recovery volume appeared during post-crash consolidation
Chart structure:
• Descending triangle support failed decisively, killing the previous reversal pattern.
• New lower range forming between $2.29 to $2.33
• The breakdown aligns with the medium-term downtrend of broader crypto indices.
Dynamic indicators:
• Oversold signals emerge during the day, but no confirmation of a trend reversal
• Breakdown occurred below key EMAs; 50D/200D crossover continues to decline
What traders should watch out for
XRP now stands at a crucial inflection point:
• Holding $2.29 is essential – failure exposes a rapid passage to $2.00 to $2.20 demand area
• Any recovery must first recover $2.36 before the bulls regain technical control
• ETF inflows will act as the next volatility catalyst; Early XRPC volume during the market open will indicate whether institutions are treating the listing as an accumulation opportunity or a liquidity event.
• Chain flow around the 110.5 million XRP whale transfers remain a wild card – FX flows would confirm further downside risk
• Sentiment remains fragile among the majors; Beta-sensitive assets like XRP will react disproportionately to broader market weakness.
