XRP Falls 3% as Bitcoin Retreat Dampens Excitement from Record ETF Debut

XRP hovered near $3.00 for most of the day before a sharp overnight selloff erased support, sending the token down 3.46% on a record 261.22 million volume spike.

During 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, reflecting heightened volatility.

The selloff coincided with the debut of the first U.S.-listed XRP ETF, which set a new milestone with $37.7 million in opening-day volume. Despite the bullish catalyst, institutional profit-taking dominated the session.


Key News and Market Drivers

  • XRP ETF Launch: September 21 marked the first U.S.-listed XRP ETF, generating the largest debut of 2025 with $37.7 million in day-one volume.
  • Macro Context: Investors remain focused on Federal Reserve policy, with markets pricing in near-certain September rate cuts that typically support digital assets.
  • Analyst Insight: Despite ETF momentum, structural consolidation persists, with resistance holding near $3.00.

Price Action Overview

  • XRP fell from $3.01 to $2.91 before closing at $2.92.
  • The midnight crash drove the token from $2.973 to $2.910, unleashing 261.22 million in trading volume—roughly four times the daily average.
  • Liquidations totaled $7.93 million, with 90% hitting long positions.
  • In the final hour, XRP briefly rebounded from $2.92 to $2.94 but ultimately settled back at $2.92, forming a resistance cluster at $2.93–$2.94.

Technical Analysis

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

What Traders Are Watching

  • Whether XRP can reclaim and sustain closes above $3.00, or if resistance caps upside.
  • Impact of secondary ETF flows on liquidity, given record day-one participation.
  • The Fed’s September rate decision and its potential to drive renewed crypto inflows.
  • Exchange reserves at 12-month highs, indicating potential supply overhang despite institutional demand.
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