XRP News Today: Launch of XRP ETF Unable to Halt Price Drop Amid Strong Selling Pressure

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XRP News Today: Launch of XRP ETF Unable to Halt Price Drop Amid Strong Selling Pressure

Bitget-RWA2025/11/17 21:04

By:Bitget-RWA

- Bitcoin fell below $93,000, erasing 2025 gains amid a broader crypto selloff, with XRP dropping 7% despite a new ETF's debut. - XRPC ETF generated $58.6M in volume but failed to sustain momentum, highlighting fragile risk appetite amid macroeconomic uncertainty. - XRP's price collapse triggered $28M in liquidations and 342% trading volume spikes, with on-chain data showing 110.5M tokens moved during the selloff. - Technical indicators showed bearish signals for Bitcoin and Ethereum , while market partici

On Tuesday, Bitcoin dropped beneath $93,000, wiping out its gains for 2025 and intensifying a late-year downturn that has unsettled both institutional investors and traders

as per market assessments

. The wider cryptocurrency sector followed suit, with XRP—a major alternative coin—tumbling 7% as

the inaugural U.S. spot XRP ETF launched

. Canary Capital’s XRPC ETF saw $58.6 million in trading volume on its first day, but failed to maintain upward

traction

highlighting the market’s fragile risk appetite amid ongoing macroeconomic instability

The

XRP

price plunge followed an unsuccessful attempt to break past the $2.30 psychological barrier, sparking significant institutional sell-offs and

a 342% surge in trading activity at 14:00 UTC

. Blockchain data indicated that 110.5 million XRP tokens were transferred between unidentified wallets during the selloff, increasing volatility as derivatives platforms reported $28 million in XRP liquidations over the past day, with nearly 93% of those losses coming from long positions

based on Coindesk figures

XRP News Today: Launch of XRP ETF Unable to Halt Price Drop Amid Strong Selling Pressure image 0

Technical signals for Bitcoin also suggested continued weakness. Although the Relative Strength Index (RSI) briefly rebounded to 34 on the daily chart, the Moving Average Convergence Divergence (MACD) indicator remained bearish, with its blue line staying below the red signal line

according to technical indicators

Ethereum

, currently trading near $3,200, is also under pressure as its 50-day EMA recently dipped below the 100-day EMA—a “Death Cross” pattern that has historically signaled extended downturns

according to market assessments

The debut of the XRP ETF underscored a contradiction in the crypto space: institutional demand for regulated investment vehicles exists alongside speculative selling. Despite XRPC’s strong opening, XRP’s price movement confirmed a structural breakdown, with sellers defending the $2.29–$2.30 support area and previous resistance at $2.36, $2.40, and $2.47 now serving as overhead resistance

based on market statistics

Opinions remain split regarding the long-term prospects. While

some analysts believe XRP could close 2025 above $3.50

and potentially reach $5 by 2026 if institutional investments continue, short-term sentiment remains bearish. Data from Coinglass revealed $9.4 million in XRP spot outflows, extending a multi-week trend of distribution as traders reduce their positions

according to Coinglass research

. Open interest in XRP derivatives increased by 1% to $3.68 billion, but a long-short ratio of 0.96 indicated a balanced market, with no clear directional bias

based on market statistics

Bitcoin

approaches its lowest point of 2025, the crypto market’s attention is turning toward macroeconomic developments and the sustainability of ETF inflows. Investors are keeping a close eye on the Federal Reserve’s policy direction and institutional investment trends,

which may ultimately determine if the present downturn becomes a buying opportunity

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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