XRP's ETF session closed with impressive $63.86 million volume while the token battles to maintain its critical $1.85 support level amid broader market turbulence that wiped over $1.3 trillion from crypto valuations.
The XRP exchange-traded fund wrapped Thursday's session with substantial trading activity, recording $63.86 million in volume as institutional participants maintained their market presence despite sector-wide volatility.
According to Xaif_Crypto on X, institutional demand for XRP exposure through ETF vehicles remained steady throughout the trading day. The strong close signals continued professional interest in the digital asset even as retail sentiment wavers.
Market Crash Erases Trillion-Dollar Valuation
Global economic uncertainties triggered massive selloffs across cryptocurrency markets beginning in early October. The total digital asset sector hemorrhaged over $1.3 trillion in market capitalization as nervous investors fled risk assets.
XRP absorbed severe losses during this period, with tens of billions evaporating from its valuation. Selling pressure overwhelmed buying interest as market participants rushed toward safer positions. The token that spent most of 2024 trading within defined boundaries suddenly found itself testing lower limits.
As skipper_xrp tweeted on X, the asset maintained a comfortable range between $1.85-$1.90 on the downside and $2.60-$2.70 on the upside for the majority of the year. Traders capitalized on this predictable movement, capturing profits from repeated bounces between these levels.
The current price action has pushed XRP back toward the lower boundary. Historical data shows this floor previously triggered rebounds, though recent bounces lack the strength of earlier recoveries. Weakening momentum suggests sellers are gaining control of price direction.
Critical Support Level Faces Ultimate Test
The $1.85 threshold remains intact for now, preventing further downside exploration. This support zone has not been breached despite sustained pressure, keeping alive possibilities for a short-term reversal. Market participants are watching for fresh buying interest that could propel prices back toward $2.10 or the range midpoint.
Improved market sentiment would be necessary to sustain any upward movement. However, a downward trendline continues to cap rallies, creating technical resistance that bulls must overcome. The chart structure favors sellers unless buyers can establish convincing momentum.
A failure of the $1.85 support would expose XRP to significant downside risk. Limited support exists below this level, creating what technical analysts describe as a cliff-edge scenario. The next meaningful floor sits considerably lower, meaning any breakdown could trigger accelerated selling.
Recent price action offers some encouragement. XRP has recovered more than 3% in recent hours, demonstrating that buying interest has not completely evaporated. This bounce from deeply oversold conditions suggests some traders view current levels as attractive entry points.
The ETF volume figures contrast with spot market weakness, indicating institutional players may be positioning differently than retail participants. Professional investors often take longer-term views and may see value in accumulating during market dislocations. The $63.86 million session total represents meaningful capital allocation despite uncertain near-term outlook.
Trading dynamics remain fluid as XRP navigates between technical levels. The asset's ability to defend $1.85 support will determine whether the established range remains valid or if a new, lower trading band emerges. Breakout above resistance or breakdown below support would signal the next directional move.
Market structure currently favors range-bound trading unless catalysts emerge to shift supply-demand balance. Institutional steady participation through ETF vehicles provides a stabilizing element, though it cannot single-handedly reverse broader market trends. The coming sessions will reveal whether buyers can mount a sustained defense of critical support or if sellers will finally breach the $1.85 floor.
Key Takeaways:
- XRP ETF closed with $63.86M volume showing steady institutional demand despite market volatility and uncertainty.
- Crypto markets lost $1.3T since October with XRP testing critical $1.85 support after weakening bounce attempts.
- XRP recovered 3% recently but faces downward trendline resistance with limited support below current levels.
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XRP ETF Volume Hits $63.86M Amid Price Support Test
XRP ETF closes with $63.86M volume as institutional demand holds steady. Price tests crucial $1.85 support after $1.3T crypto market crash.