XRP saw a sharp decline on Friday, dropping 7.3% and breaking below the key $2.30 support level. The move erased recent gains and came as selling pressure outweighed excitement around the debut of the first U.S. spot XRP ETF.
Market analysts said the downturn reflected broader weakness across the crypto sector. The ETF launch marked an important milestone for institutional access, but it also arrived during a period of fragile market sentiment.
What Happened
XRP posted its steepest intraday drop in weeks at the same time Canary Capital’s XRPC ETF became officially effective on Nasdaq. Despite the positive development, the token moved lower as the wider crypto market continued its medium-term downtrend.
Fear dominated sentiment as global risk-off flows persisted. Analysts such as FxPro’s Alex Kuptsikevich said the current conditions resemble “a short-term rebound within a larger decline,” leaving the market vulnerable to deeper pullbacks.
On-chain data showed 110.5 million XRP moved between unknown wallets during the breakdown, adding uncertainty and signaling increased volatility.
Price Action
XRP fell 7.3% from $2.48 to $2.30 in the last 24 hours, breaking through several support levels at $2.46, $2.40, and $2.36.
The decline stretched across a $0.23 trading range, with total volume reaching 157.9 million XRP — about 46% above the 24-hour average.
The core breakdown occurred during a four-minute liquidation wave from 04:32 to 04:35 UTC. Prices dropped from $2.313 to $2.295 on 6.6 million XRP volume, more than 250% above typical levels. A single one-minute spike of 4.06 million XRP at 04:32 marked the session’s selling climax.
Trading briefly stalled between 04:35 and 04:36 as liquidity thinned. Attempts to stabilize above $2.31 failed, and XRP settled into tight consolidation between $2.30 and $2.32.
Technical Picture
Friday’s action confirmed a decisive technical breakdown:
Support and Resistance
- New support: $2.29–$2.30
- Former supports at $2.36, $2.40, and $2.47 now act as layered resistance
- Bulls need a strong reclaim of $2.36 to negate the breakdown
Volume Profile
- Total volume of 157.9M (+46%) reflects strong distribution
- Breakdown volume surged 254% during the liquidation sequence
- No significant recovery volume appeared afterward
Chart Structure
- Descending triangle support failed, invalidating the prior reversal pattern
- A lower range is forming between $2.29 and $2.33
- The breakdown aligns with the broader medium-term downtrend in crypto indexes
Momentum Indicators
- Intraday oversold signals appeared but showed no reversal confirmation
- Price fell below key EMAs, with the 50D and 200D trend still bearish
Key Levels and Risks to Watch
XRP now sits at a critical point:
- Holding $2.29 is essential. A breakdown could send price quickly toward the $2.00–$2.20 demand zone.
- Bulls must reclaim $2.36 to regain any meaningful control.
- ETF inflows will be the next major catalyst. Early XRPC volume at market open will show whether institutions treat the ETF as an accumulation opportunity or a liquidity event.
- On-chain flows around the 110.5M XRP transfers remain a key risk. Increased exchange inflows would indicate more downside pressure.
- Broader market weakness could disproportionately affect XRP, especially in a high-beta environment.
