XRP Slumps 4.58% as Bitcoin Break Under $93,000 Spurs Bearish Market Sentiment
XRP fell 4.58% to $2.18 in the 24-hour session after failing a breakout above $2.30. A 342% volume spike at 14:00 UTC saw 237 million XRP traded, marking the session's inflection point as sellers defended the $2.30 resistance level.
Canary Capital's XRPC, noted as the first U.S. spot XRP ETF, opened with $58.6 million in volume on November 13 but failed to sustain gains in spot markets. Derivatives data revealed $28 million in XRP liquidations over the past 24 hours, with long positions totaling about $25 million, indicating aggressive unwinding near resistance levels.
Price action confined XRP between $2.27 and $2.18, with resistance persistently around $2.30. Brief late-session rebounds from $2.20 to $2.27 lost momentum as the resistance remained intact. Broader crypto market sentiment remains fragile amid risk-off pressure and technical trading patterns, with analysts describing the recent price action as a short-term rebound within a larger declining trend.
Institutional traders are rotating into assets exhibiting stronger breakouts while trimming exposure near the overhead supply in the $2.28–$2.30 range. Sustained inflows into XRPC could bolster spot liquidity and act as a near-term catalyst for XRP's price movements.
