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XRP price overview: market cools as recovery stalls
XRP slipped to around $2.12, marking a six-week low as traders pared back positions ahead of anticipated spot ETF listings. The token is trading near $2.13, down roughly 1% over the past 24 hours, and remains trapped in a $2.12–$2.50 range during the last week. This places XRP about 41% below its July all-time high of $3.65 and highlights mounting short-term pressure across the market.
Trading volumes and derivatives signal caution
Market activity has softened notably. XRP daily spot volume fell to approximately $4.77 billion — near 29% lower than the previous day — while derivatives follow the same pattern. Futures volume is down roughly 26% to $6.5 billion and open interest slipped to about $3.71 billion after a modest 0.8% decline. These metrics suggest that many traders are closing positions rather than initiating fresh exposure, reducing liquidity and increasing sensitivity to price swings.
On-chain metrics: profit-taking and underwater supply
On-chain data is reinforcing the bearish backdrop. Santiment reported that only 58.5% of XRP supply is currently in profit, the lowest share in a year. Even though XRP remains approximately four times higher than last year’s price near $0.53, about 41.5% of tokens — roughly 26.5 billion XRP — are held at a loss. That sizeable cohort of underwater holders can create selling pressure on any bounce as investors seek to cut losses, making a sustained recovery harder under declining volume conditions.
ETF catalysts and institutional flows
Despite the pullback, institutional interest in XRP remains a significant near-term catalyst. Canary Capital’s spot XRP ETF, which began trading on Nov. 13, saw a solid $58 million in first-day volume. Market watchers are closely eyeing the potential listing of the Bitwise XRP ETF, expected to begin trading on Nov. 20 — another event that could attract fresh inflows if it goes ahead as scheduled.
Macro developments also matter. The resolution of the recent US government shutdown could help restore liquidity to risk assets at a time when crypto ETFs are gaining attention from institutional allocators. However, early ETF demand has so far been accompanied by profit-taking among large holders, which has tempered XRP’s price reaction.
Technical analysis: key levels to watch
XRP has struggled to maintain momentum after failing to decisively break and hold above the $2.56 resistance. From August through mid-September a symmetrical triangle formed as the market created lower highs and higher lows — a compression that typically precedes a directional move. When the breakout attempt arrived, the rally lacked conviction and the token posted a sequence of lower highs in late September, mid-October, and early November, showing diminishing buyer control.
XRP daily chart
The $2.12 area now serves as immediate support and will be critical for short-term stability. Major moving averages from the 10-day through the 200-day continue to slope toward a selling bias, while the relative strength index sits near 38 — neutral to mildly oversold.
A sustained move back above $2.30, followed by a successful reclaim of $2.56, would improve the technical outlook and could open targets in the $2.80–$3.00 range if demand returns. Conversely, a failure to hold $2.12 exposes $1.80 as the next support; sharper selling could drive price toward the $1.60 zone where buyers previously stepped in.
Risks and market structure considerations
The combination of falling volume, concentrated underwater supply, and ongoing profit-taking increases downside risk on short-term rallies. Large holders who take profits when prices spike can quickly reverse momentum in a fragile market. Traders and investors should monitor ETF flow data, on-chain accumulation trends, futures open interest, and macro liquidity conditions for clearer direction.
Bottom line: cautious optimism but structural fragility
XRP remains under pressure near $2.12 as the market tests whether institutional ETF demand can overcome profit-taking and reduced trading volume. Short-term recovery requires higher buying interest to push through $2.30 and reclaim $2.56. Until volume and on-chain metrics show renewed accumulation, the token is likely to trade in a vulnerable range where sudden swings can occur. For traders, disciplined risk management and attention to ETF inflows and on-chain signals will be essential during this pivotal period.
Source: crypto
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