- XRP falls to $2.08 despite the launch of Grayscale’s new GXRP ETF on NYSE Arca
- Price is holding Support at $2.08 and resistance at $2.14–$2.15 will guide short-term moves.
- ETF inflows, Bitcoin’s trend, and the $2.15 resistance will dictate XRP’s next direction.
XRP continues to face challenges as the short-term trend remains bearish. Price action continues to show multiple failed attempts to recapture resistance zones, in conjunction with increased support shenanigans around $2.08.
Moreover, minor bounces over the last few days have not displayed significant buying volume, suggesting that sellers consistently remain in control of market structure. The coin is currently trading at $2.22 with an increase of 7.15% over the past 24 hours.
ETF Landscape Expands, But Spot Demand Stays Soft
The GXRP ETF also joins the ranks of a recently launched Dogecoin ETF, solidifying Grayscale’s strategy to provide additional altcoin exposure to its investors. As more regulation-based options arise outside of Bitcoin and Ethereum, it seems like institutions are increasing their appetite for crypto.
In early trading, it appears that momentum in the ETF will not bring the price to experience a higher or lower direction in the spot market. Traditional inflows to ETFs have not created greater demand in the spot market for the coin. According to the recent update on X by the Grayscale official page the ETF is trading with 0% fees ;
“Introducing Grayscale XRP Trust ETF (Ticker: $GXRP), now trading with 0% fees. Gain exposure to $XRP, the world’s 3rd largest digital asset, available in your brokerage account today.”
Also Read: XRP Nears $2.75 Target After Bullish Close and New ETF Approval
XRP Shows Corrective Bounce
The TradingView chart reflects a solid bearish structure for the coin, with lower highs and lower lows defined. The price has recently been trading around $2.18 as a slight corrective bounce off of $2.08 support. Attempts to recover above the resistance of $2.14 – $2.15 were met with selling pressure, which confirms the larger bearish trend still stands.
Overall, while the green candle is a bounce in the short term, momentum indicators disclose that it will not reverse the larger bearish trend without breaking resistance.
While broader market factors such as Bitcoin’s trend or ETF inflows may influence sentiment, the immediate price action is largely guided by technical levels, including support at $2.08 and resistance at $2.14–$2.15.
In conclusion, the coin is currently in a short-term downtrend, with sellers showing strength on every retest of resistance levels. The $2.08 support level is very important: if the price holds at that level, it could move around as a minor retrace; if the price fails to hold, the price could see deeper declines toward $1.91. Traders should pay close attention to these levels to guide the next directional move.
Also Read: XRP Nears $1.65 Macro Support As Market Eyes Bitcoin Alignment
