XRP has shed $13 billion from its market capitalization in the past 24 hours, sliding from $150.38 billion to $137.39 billion and pulling the price down 9% to $2.27.
The reversal comes less than a day after the launch of the first U.S. spot XRP ETF on Nasdaq, a development many expected to trigger a continuation of this week’s rally.
Instead, traders are increasingly pointing to a classic sell-the-news setup. After weeks of anticipation and strong pre-launch positioning, the market appears to have reacted by locking in profits the moment the ETF went live.
Whale selling accelerates the drop
Large holders amplified the downside. Over the past month, XRP whales offloaded 1.4 billion XRP, adding significant weight to the selling pressure and contributing to the sharp cooldown from Thursday’s high of $2.52.
The combination of profit-taking, elevated expectations, and whale distribution created a fast, cascading pullback into the $2.20–$2.30 zone.
What’s more, the timing also coincides with a broader market drawdown. Roughly $200 billion vanished from the global crypto market cap in the same 24-hour period, magnifying XRP’s decline. Even in that context, however, the reaction to the ETF launch stands out, given how sharply sentiment flipped after the debut.
ETF numbers tell a different story
Interestingly, the underlying ETF data paints a much stronger picture than price action suggests. Canary Capital’s spot XRP ETF (XRPC) recorded $58.5 million in opening-day trading volume and $245 million in net inflows, placing it among the most successful crypto ETF debuts to date.
Early institutional participation was far higher than expected and indicates real appetite for regulated XRP exposure.
XRP key levels to watch
XRP is currently holding support at $2.20, a level that has cushioned previous corrections. A break below this area could open the path toward $2, while any recovery back above $2.35 would signal that yesterday’s flush may be stabilizing.
If ETF inflows remain strong through the week, the sell-the-news dip may prove temporary. Weak flows, on the other hand, could extend the consolidation phase.
