XRP Price Plunges 8% As Canary XRP ETF Sets Record $58M First-Day Trading Volume

The XRP price slid 8% in the last 24 hours to trade at $2.29 as of 3.35 a.m. EST on a 32% surge in trading volume to $7.7 billion.

This comes even after the Canary XRP ETF (XRPC) recorded first-day trading volume of $58 million, beating all other ETF launches this year. That topped the previous best $57 million trading volume recorded by Bitwise Solana Staking ETF (BSOL).

XRPC also attracted $245 million in inflows on its first day, with Canary Capital CEO Steven McClurg suggesting the reason for such high inflows was pent-up demand to get regulated exposure to XRP.

XRP Technical Analysis: Key Levels Under Pressure

Looking at the XRP/USDT chart, the coin’s price has entered a pressured zone after the 8% sell-off. Currently, XRP is hovering close to $2.29, with the broad range for the day between $2.28 and $2.52.

The XRP price is below both the 50-day simple moving average (SMA) at $2.56 and the 200-day SMA at $2.63, which are now acting as resistance levels. Critical support exists around the $2.15–$2.28 area, highlighted by repeated price rebounds in the yellow box on the chart.

XRPUSDT Analysis Source: Tradingview

If the price decisively closes below $2.28, the next strong support zone is at the $1.60 level (the 0.618 Fibonacci retracement), and further downside could bring XRP closer to $1.25, a key historical low.

On the upside, regaining the 50-day and 200-day SMAs ($2.56 and $2.63) could open the door towards $2.72 (the 0.236 Fibonacci level) and $3.09, but the path is uncertain unless sentiment quickly reverses.​

The RSI is near 43, showing the price is not yet oversold, while MACD and CMF remain flat to negative, pointing to weak momentum and no immediate reversal triggers.​

If the volume remains high but the price cannot reclaim those moving averages soon, traders could see further dips towards the stronger $2.15 and $1.60 supports. But if buyers step in, perhaps triggered by another ETF inflow or improved sentiment, the potential for a bounce back above $2.50 quickly returns.

Eyes are now on whether ETF momentum and deeper accumulation can steady XRP near its recent lows, or if further price declines are in store before the market finds its next upside catalyst.

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