XRP Falls 4.3% Despite Strong Debut of Canary Capital's US Spot XRP ETF
XRP declined by 4.3% over 24 hours, dropping from $2.31 to $2.22 in the session ending at 02:00 UTC on November 16, 2025. This decline occurred despite the launch of Canary Capital’s US spot XRP ETF (XRPC), which saw a first-day trading volume of $58.6 million, significantly surpassing the $17 million forecast.
Price action saw XRP break below key support at $2.24, with notable trading volumes including a 74 million XRP print at 00:00 UTC and three spikes above 57 million during these declines. Immediate technical analysis places primary support at $2.22, with resistance between $2.23 and $2.24. Should XRP fail to maintain the $2.24 support level, further downward moves toward $2.16 and then the $2.02 to $1.88 range are at risk.
The broader market context remains bearish, characterized by risk-off pressure that is suppressing cryptocurrency liquidity and momentum despite inflows from the ETF. Although an intraday V-shaped rebound was observed, the overarching downtrend from $2.31 remains intact unless XRP can reclaim critical resistance levels.
For a bullish reversal, XRP needs to first regain $2.24 and then $2.31, with further gains targeting above $2.48 and potentially $2.60 or more. ETF activity is expected to inject additional volatility, and traders are advised to closely monitor XRPC ETF volumes at the US market open.
