XRP is feeling the pressure again, slipping to a six-week low as buyers lose momentum and trading activity continues to fade. The token touched $2.12 before recovering slightly, and it remains stuck in a narrow range as the market rejects attempts at a rebound.
XRP is trading near $2.13 at the time of writing, down about 1% in the last 24 hours. Over the past week, price has hovered between $2.12 and $2.50 — far below July’s all-time high of $3.65, marking a 41% decline from that peak.
Trading Cools as Market Turns Defensive
One of the clearest signs of weakening sentiment is the steady drop in volume. Daily trading activity has fallen to $4.77 billion, nearly 29% lower than the previous day. Derivatives markets tell the same story: futures volume has slipped 26% to $6.5 billion, while open interest dipped to $3.71 billion after a small decline of 0.8%.
This pullback suggests traders are closing positions instead of adding new risk, reflecting caution as the market waits for clearer direction.
Underwater Supply Adds Pressure
On-chain trends paint an equally challenging picture. According to a November 18 update from analytics platform Santiment, the percentage of XRP supply held in profit has dropped to 58.5% — the lowest level in a year.
Surprisingly, this comes even though XRP is still trading roughly four times higher than its price of around $0.53 this time last year. About 41.5% of the circulating supply — nearly 26.5 billion XRP — is now held at a loss.
A sizable group of underwater holders often leads to heavier market pressure, as many tend to sell into short-lived rallies to reduce losses. With falling volumes and a large share of losing positions, the market appears fragile and more prone to sharp swings.
ETF Launches Become Key Near-Term Triggers
Despite the recent slump, several catalysts could influence short-term sentiment. XRP’s new wave of exchange-traded funds has drawn solid interest from institutions. Canary Capital’s spot XRP ETF, which launched on November 13, posted an impressive $58 million in first-day volume.
Another major event is right around the corner: Bitwise’s XRP ETF, expected to begin trading on November 20. Analysts believe it could attract meaningful inflows if it launches on time.
Additionally, the end of the recent U.S. government shutdown may help liquidity return to risk assets, potentially benefiting crypto markets during an already ETF-heavy month.
Technical Picture: Support at $2.12 in Focus
XRP’s price action has weakened since failing to stay above the crucial $2.56 resistance. Earlier this year, a symmetrical triangle pattern formed between August and mid-September, hinting at a buildup before a breakout. While the token attempted to push higher, the move quickly lost steam, leading to a series of lower highs throughout late September and October.
The latest dip to $2.12 now marks an important support level. A bounce back above $2.30 — followed by a decisive break over $2.56 — would be needed to revive bullish confidence. If buying strength returns, XRP could target the $2.80–$3.00 zone.
But failure to hold current levels opens the door to steeper declines. A breakdown below $2.12 exposes $1.80 next, and stronger selling could drag the price toward the $1.60 area where buyers last showed interest.
For now, all major moving averages are signaling a bearish trend, while the RSI sits around 38 — neutral but leaning cautious. XRP’s next move will likely depend on whether ETF enthusiasm outweighs the growing pressure from underwater holders and fading volume.
Also Read: Bitcoin Slips Under $95K as Market Suffers Its Toughest Week Since March
