XRP's price has fallen sharply today, trading at $2.45 after a 3.4% decline in the past 24 hours. This drop follows the launch of the Canary XRP ETF, amid traders taking profits despite significant inflows. Analysts are now monitoring the $2.30 support level as market sentiment turns cautious.
The cryptocurrency XRP experienced a notable downturn on Monday, with its price slipping to $2.45, marking a 3.4% decrease over the previous 24 hours. This decline occurred shortly after the debut of the Canary XRP ETF, which saw inflows of $138 million. Despite these positive developments, traders appear to be locking in gains following an 8.7% increase over the week.
Trading volume for XRP surged by 34% to $6.14 billion, indicating heightened activity, yet selling pressure has overshadowed the momentum. The token's market capitalization currently stands at $147.5 billion. Technical indicators reveal weakening support, as XRP broke below the $2.41 Fibonacci level.
Moving averages provide further context on the price trend: the 10-day EMA is at $2.39, the 20-day EMA at $2.43, the 30-day EMA at $2.47, the 50-day EMA at $2.56, and the 200-day SMA at $2.63. These figures suggest that while short-term trends are softening, longer-term averages remain above current levels.
Broader crypto market sentiment has grown cautious, even with XRP's strong fundamentals. Analysts are closely watching the $2.30 level as a potential next support, where buying interest might emerge to stabilize the price. This event highlights the volatility inherent in cryptocurrency markets, where ETF launches can drive initial enthusiasm but fail to prevent profit-taking corrections.