XRP Price Slumps 8% Even As Canary XRP ETF Pulls In $245 Million, Outpacing BTC, SOL ETF Rivals

The XRP price slumped 8% in the past 24 hours to trade at $2.30 as of 4:06 a.m. EST on trading volume that surged 30% to $7.2 billion.

This comes even as Canary Capital’s XRP ETF (exchange-traded fund) XRPC attracted $245 million in net inflows on its first trading day.

As a result, XRPC has become one of the most notable ETF launches in 2025, posting inflows and trading volumes that outperformed several major crypto ETFs.

Moreover, the numbers exceeded the inflows of every existing spot BTC ETF, including BlackRock’s IBIT, which recorded $111.7 million, and Bitwise’s BITB, which recorded $237.9 million.

XRPC also delivered an impressive $58 million in day-one trading volume, the highest among more than 900 ETF launches this year.

The Bitwise Solana Staking ETF (BSOL) had previously held the record at $57 million, according to Bloomberg ETF analyst Eric Balchunas.

Sigel Says XRP Lacks Utility, Stirs Up a Storm

In another development, Matthew Sigel, the director of research for digital assets at VanEck, riled up the XRP community on X by suggesting that the popular altcoin lacks utility.

“Dear XRP maxis, I may never understand what your ‘blockchain’ actually does, but I’ll always respect the passion required to pretend it does something,” Sigel said.

XRP Price Tests Critical Support As Downtrend Tightens

After a strong mid-year rally that briefly pushed the XRP price above $3.80, momentum has steadily faded, sending the token into an extended corrective phase.

Currently, the Ripple token price trades around $2.30, sitting just above a crucial support band between $2.20 and $2.05. This zone has repeatedly cushioned sellers over the past several weeks and remains the last major barrier preventing a deeper decline.

On the upside, the price of XRP continues to face significant resistance from the 50-day Simple Moving Average (SMA) at $2.56 and the 200-day SMA at $2.63, both acting as reinforced resistance.

The convergence of the SMAs signals a prolonged period of indecision, though the downward slope of the 50-day SMA suggests sellers still maintain control. Despite this, the bearish momentum appears to be fading.

Meanwhile, the Relative Strength Index (RSI) currently sits around 43, just below the neutral 50 level.

If XRP successfully holds above the $2.20 support zone, the conditions favor a potential relief rally. The first major upside target sits between $2.55 and $2.65, where the 50-day SMA and the 0.236 Fibonacci retracement level (around $2.49–$2.50) cluster together.

A breakout above this zone would signal renewed buying interest for XRP and open the door for a move toward $2.75 (0.382 Fib) and $2.96 (0.5 Fib).

Should bullish momentum strengthen further, extended recovery targets emerge at $3.17 (0.618 Fib) and $3.46 (0.786 Fib), levels that previously acted as turning points during XRP’s mid-year surge.

Conversely, a decisive daily close below $2.20 would weaken the wedge and expose the Ripple token to further downside risk, with the next substantial support likely to form near $2.05 and $2.00.