- XRP has dropped to a six-week low near $2.12 as weakened trading activity and underwater holders increase market pressure.
- Upcoming XRP ETF launches may help sentiment, but XRP must reclaim key levels like $2.30 and $2.56 to avoid further declines.
XRP has dipped to a six-week low, trading close to $2.12 after attempts at recovery failed. Cooling trading activity, increased profit-taking, and cautious sentiment continue to hold the token back at a time when investors expected stronger support from upcoming exchange-traded fund launches.
XRP Struggles as Buying Interest Fades
XRP is currently trading near $2.13, down 1% in the past 24 hours. The token has remained within a narrow $2.12–$2.50 range throughout the week, sitting more than 40% below its July all-time high of $3.65. Market participation has weakened, with daily volume dropping to $4.77 billion, nearly 29% lower than the previous day.
The derivatives market reflects the same environment. Futures volume has fallen 26% to $6.5 billion, and open interest sits slightly lower at $3.71 billion. These patterns show that traders are closing positions and avoiding new exposure, signaling caution rather than confidence.
On-Chain Data Reveals Growing Pressure
Recent data from Santiment highlights a deeper challenge: only 58.5% of XRP’s supply is currently in profit, the lowest level in a year. Despite XRP trading four times higher than its price last year, around 41.5% of tokens—roughly 26.5 billion XRP—are now held at a loss.
This creates a heavy structure for the market. Large groups of underwater holders may sell quickly on any price bounce, limiting the likelihood of a stable recovery. Combined with falling volume, the market becomes more sensitive to sharp moves.
Upcoming XRP ETFs Could Shape Short-Term Direction
Institutional interest remains active, especially with the launch of new spot XRP ETFs. Canary Capital’s ETF, which went live on November 13, recorded an impressive $58 million in first-day volume. The next major event is the Bitwise XRP ETF, expected to begin trading on November 20. Analysts believe this could attract additional inflows if it launches on schedule.
Macroeconomic improvements—such as the end of the recent US government shutdown—may also help liquidity return to risk assets, potentially boosting interest in XRP during this ETF rollout phase.
Technical Outlook: Key Levels to Watch
XRP has been weakening after repeated failures to reclaim the $2.56 resistance level. A symmetrical triangle formed between August and mid-September suggested a buildup, but the breakout attempt lacked strength. A series of lower highs through September, October, and early November confirmed fading buyer control.
The recent dip to $2.12 now marks a critical support zone. All major moving averages point toward a selling trend, while the relative strength index at 38 remains neutral.
A strong move above $2.30, followed by a break above $2.56, would improve the short-term outlook and open a path toward $2.80–$3.00. However, losing $2.12 puts $1.80 at risk, with a deeper decline possibly testing the $1.60 area.
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