Bitwise XRP ETF: First-Day Trading Highlights
The Bitwise XRP ETF traded 1,127,647 shares on its inaugural day, with a total turnover of approximately $25.93 million. Despite launching amid one of the year’s most volatile market sessions, these results demonstrate a stable debut for the ETF. However, trading volume was considerably lower than Canary’s XRPC ETF, which reached $58.5 million on its first day.
Market Crash Impact on ETF Debut
The Bitwise XRP ETF listing coincided with a major market selloff. On that day, the S&P 500 lost roughly $1.5 trillion in value. Bitcoin briefly plunged to $87,000. This caused widespread forced liquidations in the derivatives market. Total crypto market capitalization also dropped below $2.95 trillion, putting intense pressure on all altcoins—including XRP, which fell below $2 within hours of the ETF’s launch.
XRP Maintains Multi-Month Downtrend
XRP has remained weak in recent weeks, with the latest market crash pushing it into a critical risk zone. Analysts observed that XRP is entering a multi-month decline similar to late 2020, potentially leading to a steep correction.
According to weekly charts, bearish divergence continues to persist. The daily Relative Strength Index (RSI) has dropped below previous lows, invalidating a potential short-term bullish divergence. XRP also closed below the $2.25 support area, increasing the likelihood of further downside.
Short-Term Support and Price Outlook
Analysts regard $2 as XRP’s critical short-term support. A daily close below this threshold could trigger a test of $1.80, and if selling pressure intensifies, the price may drop to $1.60. Investors should monitor liquidity recovery and ETF trading activity to assess XRP’s potential rebound or continued downward trend.
Trade XRP spot instantly at: https://www.gate.com/trade/XRP_USDT
Summary
Investors should view the Bitwise XRP ETF’s debut volume in light of extreme market volatility. Trading performance could improve in the coming sessions. XRP is approaching a pivotal support level and experiencing elevated short-term volatility. Monitor the $2 support level and apply robust risk management.
