XRP Down 3% as Bitcoin Correction Tempered Market Buzz Around ETF Launch

XRP struggled to maintain the $3.00 level Monday before a sharp overnight selloff wiped out support, sending the token down 3.46% on record trading volume. Over the 24-hour session from September 21, 03:00 to September 22, 02:00, XRP traded between a high of $3.014 and a low of $2.910, highlighting heightened volatility.

The pullback came as the first U.S.-listed XRP ETF made its debut, posting $37.7 million in opening-day volume, the largest ETF launch of 2025. Despite the positive news, institutional profit-taking dominated trading, overshadowing the bullish catalyst.

Market Background

• ETF Launch: The U.S. XRP ETF’s debut marked a record-breaking day with $37.7 million in volume.
• Macro Factors: Markets remain focused on potential Federal Reserve rate cuts, with dovish expectations generally supportive for digital assets.
• Analyst Insight: Despite ETF momentum, technical resistance persists near $3.00, indicating structural consolidation.

Price Action Summary

• XRP fell from $3.01 to $2.91, closing at $2.92.
• A midnight crash pushed the price from $2.973 to $2.910, generating 261.22 million in trading volume, roughly four times the daily average.
• Liquidations totaled $7.93 million, with 90% impacting long positions.
• XRP briefly recovered to $2.94 in the final hour but retreated to $2.92, forming a resistance cluster at $2.93–$2.94.

Technical Analysis

• Trading Range: $0.104, or 3.46% intraday volatility.
• Resistance: $2.98–$3.00, following a high-volume rejection.
• Support: $2.91–$2.92, repeatedly tested after the crash.
• Consolidation: XRP failed to sustain levels above $2.93, signaling short-term bearish pressure.
• Volume: 261 million confirms institutional selling dominated overnight flows.

Traders’ Focus

• Will XRP reclaim and sustain closes above $3.00, or will resistance near $2.98–$3.00 continue to cap gains?
• How secondary flows from the new ETF will affect liquidity after the record-breaking debut.
• Impact of the Fed’s September rate decision on crypto inflows.
• Exchange reserves at 12-month highs, suggesting potential supply overhang despite institutional demand.