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The widespread sell-off in the cryptocurrency market saw XRP’s price drop by 7.3%, breaking through the support level of $2.30. This decline coincided with the debut of the first spot XRP ETF in the United States on Nasdaq, suggesting profit-taking by investors and pressure from institutional sell-offs. Despite the historical significance of the ETF launch, a general aversion to risk across the market curbed the price.
ETF Launch Faces Price Pressure
Developed by Canary Capital and listed on Nasdaq, the XRPC, the first U.S. spot XRP ETF, officially commenced at 01:30 Turkish Standard Time. While this development marks a new era of institutional investment access for XRP, it happens to coincide with a market-wide downtrend on the day of the launch. As sales led by Bitcoin 
$92,384 strengthened investor caution, the short-term outlook for XRP weakened. According to FxPro analyst Alex Kuptsikevich, the current price structure maintains an appearance of an “extensive downtrend persisting within a short-term bullish rebound.”
Blockchain data indicates that before the crash, approximately 110.5 million XRP were transferred between unknown wallets. These high-volume movements increased sell-side liquidity and fueled volatility. As investor sentiment remains at fear levels, the market’s weak macro risk sentiment suggests persistent pressure on the token may continue.
Technical Structure Weakens as Critical Levels Are Monitored
In the past 24 hours, XRP’s price fell from $2.48 to $2.30, trading within a sharp range of $0.23. The volume of 157.9 million XRP was 46% above the 24-hour average. The main breakdown occurred between 07:32 and 07:35 Turkish Standard Time, where the price dropped from $2.313 to $2.295 with a selling volume of 6.6 million. A peak sales volume of 4.06 million per minute noted a liquidation burst of the day.
Technical indicators confirm that the downward trend may persist if the price remains below $2.36. Analysts identify $2.29 as the new primary support level. In the event of a downside breakout, there is a risk of a quick descent into the $2.00–$2.20 range. Institutional fund flows to the ETF will be the primary determinant of short-term volatility. Investors will monitor XRPC trading volumes to understand whether institutions consider the ETF as a buying opportunity or as a liquidity exit.
