XRP Faces Wild Market Moves Amid ETF Launch

NEW YORK, NY — XRP experienced significant volatility in a 24-hour trading session from September 21 at 03:00 to September 22 at 02:00. The price fluctuated by 3.46%, reaching a high of $3.014 and a low of $2.910. This turmoil coincided with the launch of the first U.S.-listed XRP ETF, which set a record with $37.7 million in trading volume on its opening day.

Despite the bullish excitement over the ETF, profit-taking by institutional investors dampened the immediate market response. Analysts noted the importance of Federal Reserve policy easing, with expectations of near-certain rate cuts later in September that usually support digital assets.

The start of the trading day witnessed XRP’s price fall from $3.01 to $2.91 before closing at $2.92, marking a drop of 3.46%. In the early hours of the morning, a crash sent prices from $2.973 to $2.910, unleashing a trading volume of 261.22 million, nearly quadrupling the daily average.

Liquidations during this period totaled $7.93 million, with about 90% of the liquidations hitting long positions. In the last hour of trading, XRP briefly recovered to $2.94, only to fall back to $2.92, creating a resistance range between $2.93 and $2.94.

The trading range represented a volatility span of $0.104. Analysts noted solid resistance established at $2.98 to $3.00 after the price faced high-volume rejections. Support was also noted in the $2.91 to $2.92 range, which was tested multiple times after the drop.

As consolidation occurred near $2.92, the XRP market failed to maintain levels above $2.93. The surge in trading volume confirmed that institutional selling significantly impacted market flows overnight. The question remains whether XRP can reclaim and sustain prices above $3.00 or if resistance around $2.98 to $3.00 will hinder upward movement.

The effects of secondary flows from the new ETF on liquidity are still unknown, especially after a record-breaking initial participation. Market observers are also watching the Fed’s September rate decision closely, determining if a dovish policy will encourage renewed inflows into cryptocurrencies.

Exchange reserves are reportedly at 12-month highs, indicating a possible supply overhang despite ongoing institutional interest.