XRP faced renewed downside pressure on Friday, slipping 4.3% as broader crypto market weakness overshadowed enthusiasm around the launch of the new XRPC ETF. Despite the downturn, buyers stepped in aggressively near the $2.22 level, helping the token stabilize after an early sell-off.
The market environment remains broadly risk-off, with sentiment indicators still stuck in “fear” territory. Even with occasional catalysts — including institutional product launches — traders remain cautious as liquidity thins and macro volatility rises.
The XRPC U.S. spot ETF, introduced by Canary Capital, delivered a stronger-than-expected debut: $58.6 million in first-day volume, far exceeding the roughly $17 million analysts were forecasting. However, the upbeat ETF performance wasn’t enough to counteract selling pressure driven by Bitcoin’s decline and continued deleveraging across derivatives markets. Over the last 24 hours, about $28 million in XRP futures positions were liquidated, with long trades making up the bulk of the losses.
Price Action
During the 24 hours ending Nov. 16 at 02:00 UTC, XRP traded within a $0.10 band between $2.31 and $2.22. Sharp selling around midnight UTC pushed price below the $2.24 support region, triggering a heavy liquidation wave and printing the daily low at $2.22. Volume surged to 74 million XRP during the drop — roughly 70% above normal — confirming strong distribution.
After the sell-off, XRP began to consolidate just above the $2.22 zone, with a string of higher lows forming a short-term recovery pattern. Still, the broader trend remains bearish, with the token unable to break through immediate resistance at $2.23–$2.24.
Key Levels
- Support: $2.22 remains the pivotal floor; losing it opens risk toward $2.16 and then $2.02–$1.88
- Resistance: $2.23–$2.24 as the first barrier; $2.31 is the next major hurdle
- Upside invalidation: A sustained break above $2.48 would signal a more decisive bullish shift
Market Structure & Momentum
- The intraday rebound created a classic V-shaped reversal off $2.22
- A series of higher lows — $2.209 → $2.217 → $2.227 — points to improving short-term momentum
- Moving averages continue to slope lower, reflecting a still-intact downtrend
- Volume spikes during the breakdown and subsequent stabilization suggest sellers may be tiring
Outlook
XRP is positioned at a critical technical zone. Holding above $2.22 could encourage another attempt to clear resistance, especially if ETF flows remain strong in early sessions. However, failure to defend this level would likely trigger additional downside as momentum shifts back in favor of bears.
For now, traders are watching whether the XRPC ETF can act as a medium-term tailwind — or whether macro-driven weakness will continue to dominate XRP’s performance.
Share this content:
