Brutal selling breaks psychological bottom of $2.30 and erases recent gains as distribution overwhelms historic XRPC debut.
News background
- XRP’s worst intraday drop in weeks coincided with a major industry milestone: the launch of the first US spot XRP ETF, Canary Capital’s XRPC, now officially effective on the Nasdaq from 5:30 PM ET.
- The listing marks a turning point for institutional XRP access, but the debut came as broader crypto markets extended their medium-term downtrend.
- The mood remains attached to fear amid persistent macro risk flows.
- Analysts, including FxPro’s Alex Kuptsikevich, warn that crypto conditions still look like “a short-term recovery within a larger decline,” with the market structure vulnerable to deeper retracements.
- Large-cap token flows reflect this caution, and XRP’s on-chain data showed 110.5 million tokens moved between unknown wallets in the hours surrounding the crash, adding to uncertainty during peak volatility.
Price action summary
- XRP collapsed 7.3% from $2.48 to $2.30 during the 24-hour session, cutting through the major support levels of $2.46, $2.40 and $2.36.
- The drop spanned a fierce $0.23 range, with 157.9M XRP traded – 46% above the 24-hour average.
- The core breakdown unfolded during a four-minute liquidation cascade from 04:32-04:35 UTC when the price fell from $2,313 to $2,295 on 6.6M XRP volume – 254% above baseline.
- A single minute rise of 4.06M at 04:32 marked the selling climax of the session. Liquidity briefly evaporated as trading flattened between 04:35-04:36, indicating either stalled order flow or severe book thinning.
- Attempts to stabilize above $2.31 failed and XRP settled into a narrow consolidation near $2.30-$2.32.
Technical Analysis
The session confirmed a complete technical breakdown with obvious structural damage:
Support/Resistance:
• $2.29-$2.30 becomes primary support after breach of psychological floor
• Previous support at $2.36, $2.40and $2.47 now act as stacked resistance
• Invalidation for bulls requires a decisive recovery of $2.36
Volume profile:
• Total session volume 157.9 million (+46%) confirms distribution of an institutional nature
• Breakdown sequence is displayed 254% hourly volume increase, typical of liquidation-driven movements
• No meaningful recovery volume was shown during crash consolidation
Chart structure:
• Descending triangle support failed decisively, killing previous reversal setup
• New lower area is formed between $2.29-$2.33
• Breakdown is consistent with a medium-term downtrend in broader crypto indices
Momentum indicators:
• Oversold signals appearing during the day but no confirmation of trend reversal
• The distribution occurred during key EMAs; The 50D/200D cross continues to tilt bearishly
What traders should see
XRP is now sitting at a turning point:
• Holds $2.29 is crucial — failure reveals a rapid movement into $2.00-$2.20 demand zone
• Any recovery must first be claimed back $2.36 before bulls regain technical control
• ETF inflows will act as the next volatility catalyst; early XRPC volume during market opening will indicate whether institutions are treating the listing as an accumulation opportunity or liquidity event
• On-chain flows all around 110.5 million XRP whale transfers remain a wild card – currency inflows would confirm further downside risk
• Sentiment remains fragile across major companies; beta-sensitive assets like XRP will react disproportionately to broader market weakness
