The cryptocurrency market is facing a new wave of selling pressure that has triggered an XRP slump of 4.58%, bringing the asset to trade at $2.18 during today’s session. Alex Kuptsikevich, senior market analyst at FxPro, noted that this move responds to massive profit-taking following a failed breakout attempt at the $2.30 level. According to the expert, current market conditions resemble a technical rebound within a larger bearish structure rather than a genuine and sustainable recovery.
Despite initial enthusiasm for the launch of Canary Capital’s XRPC ETF, which recorded an opening volume of $58.6 million on November 13, the momentum failed to hold. Derivatives data shows liquidations worth $28 million over the last 24 hours, where long positions accounted for nearly $25 million of that total, evidencing an aggressive unwinding of bullish bets in the face of structural resistance.
Are we facing a technical rebound or the start of a much deeper correction?
General sentiment remains fragile as institutional traders selectively rotate capital toward assets with clearer breakouts, avoiding congested supply zones. On the other hand, Bitcoin’s behavior in breaking below $93,000 has dragged major altcoins down with it, creating a risk-off environment. Thus, the economy of digital assets is pressured by technical patterns suggesting the possibility of deeper retracements if buying momentum is not recovered.
For investors, the $2.20 level has become the critical battleground in the short term. If this support fails, the price could rapidly descend toward the $2.02 to $1.98 range, exacerbating recent losses. However, a successful defense of this zone, accompanied by an increase in buying volume, could set the stage for a new breakout attempt toward $2.40.
In the immediate future, ETF flows and volume confirmation will dictate market direction. As long as volatility persists, XRP will remain highly sensitive to any risk-off movement in major markets, making vigilance over key support levels vital to navigating the current turbulence.
