Lead
The first U.S. spot XRP ETF officially went live on Nasdaq Thursday—and immediately ran into a brutal market backdrop. While Canary Capital’s XRPC fund recorded $58 million in opening-day volume, XRP itself plunged 7.3% to the $2.30 area as bitcoin’s slide torched liquidity across majors. (CoinDesk; CoinDesk)
How the Trade Broke Down
CoinDesk’s market tape shows XRP slicing through $2.48 → $2.30 over 24 hours, violating stacked supports at $2.46, $2.40, and $2.36. The core meltdown unfolded between 04:32–04:35 UTC, when a four-minute liquidation cascade drove price from $2.313 to $2.295 on 6.6 million XRP of volume—254% above baseline liquidity. Session volume reached 157.9 million, 46% higher than average, confirming institutional-sized distribution.
On-chain monitors highlighted 110.5 million XRP shifting between unidentified wallets during the breakdown, stoking fears that whales were repositioning into the ETF listing. Analysts cautioned that sentiment remains stuck in “fear,” with FxPro’s Alex Kuptsikevich warning the broader structure still resembles “a short-term rebound inside a larger decline.” (CoinDesk)
ETF Optics
Despite the price slump, Canary’s ETF made history. Bloomberg’s Eric Balchunas noted XRPC’s $58 million first-day tally was the highest for any ETF launched in 2025 and narrowly beat Bitwise’s Solana ETF, which opened with $57 million. The strong turnover signals pent-up demand for regulated exposure to Ripple’s payments token, but Thursday’s tape shows flows can remain net-positive while underlying spot markets chop violently. (CoinDesk)
Technical Levels to Watch
- Immediate support: $2.29–$2.30 remains the line in the sand; a breakdown exposes the $2.00–$2.20 demand zone.
- Resistance stack: $2.36, $2.40, and $2.47 now act as overhead levels that bulls must reclaim to rebuild momentum.
- Momentum: EMAs continue to slope lower, and oversold oscillators have not yet flashed confirmed reversal signals.
Why It Matters
ETF adoption doesn’t guarantee price appreciation—especially when market-wide deleveraging hits. If XRPC keeps attracting assets once volatility cools, it could still broaden XRP’s investor base and provide a compliant vehicle for institutions that cannot touch spot exchanges. Until then, traders should brace for wider ranges and respect the technical damage inflicted during Thursday’s rout.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.