XRP has entered the spotlight this week for two very different reasons: the long-awaited arrival of multiple spot ETFs - and a sudden price pullback that left traders questioning whether bullish momentum is simply delayed or already fading.
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Key Takeaways:
XRP slips to $2 despite major excitement around newly launched spot ETFs.
Bitwise XRP ETF sees over $14M in early trading volume, with projections up to $92.7M on Day 1.
SEC approval of 21Shares’ Form 8-A clears the way for the $TOXR ETF listing on Cboe BZX.
Liquidations hit $18.25M, with long traders taking most of the damage.
Despite an early surge of excitement around the Bitwise XRP ETF going live on the New York Stock Exchange under the ticker $XRPDUSDT, the token is trading near $2.00, down around 3% in 24 hours and more than 16% on the week.
The enthusiasm hasn’t disappeared, but it has collided with harsh market conditions. Total liquidations on XRP futures reached $18.25 million, with $16 million wiped from long positions, suggesting aggressive bullish bets were caught off-guard during the downturn. XRP’s market cap now sits at approximately $120.7 billion, while 24-hour trading volume has surpassed $6.6 billion, signaling that volatility is far from cooling down.
ETF Euphoria Meets Market Reality
The rollout of spot XRP ETFs triggered widespread celebration across the community. The Bitwise fund saw 610,045 XRP traded within hours, equal to $14.26 million in opening volume, with updated projections hinting that day-one inflows could reach up to $92.7 million. Ripple CEO Brad Garlinghouse described the event as the beginning of the “pre-Thanksgiving XRP ETF race,” while Bitwise CIO Matt Hougan called the debut a milestone for the asset and its supporters.
The pre-thanksgiving rush (shall we say, 'turkey trot'!?) for XRP ETFs starts now.. congrats @BitwiseInvest on today's launch! https://t.co/EgYVrm0TmM
— Brad Garlinghouse (@bgarlinghouse) November 20, 2025
Adding to the momentum, regulatory filings confirm the SEC has also approved 21Shares’ Form 8-A, clearing the path for the 21Shares Spot XRP ETF ($TOXR) to list on the Cboe BZX exchange. Investors now have multiple institutional gateways to access the asset – something that XRP advocates have been waiting for for years.
A viral post comparing ETF holdings only boosted excitement further: the Canary XRP ETF reportedly holds 360 times more XRP than its SOL fund, fueling speculation that institutional demand may be disproportionately strong for XRP relative to other altcoins.
Price Struggles, but Charts Suggest the Pressure May Be Temporary
The latest 4-hour chart shows XRP has been in a steady downtrend since early October. Momentum indicators paint a mixed picture:
RSI sits near 31, close to oversold territory – an area where price reversals often emerge.
MACD remains in bearish posture, though histogram bars are shrinking, hinting that selling momentum may be cooling.
If buyers can step back in, analysts say the first major level to reclaim is $2.20–$2.30. A close above that region would open the door to further recovery. Failure to defend the $1.90–$2.00 zone, however, would expose the market to deeper corrections driven by liquidations and macro pressure.
Bigger Picture: Sentiment Is Bullish – Price Just Hasn’t Caught Up Yet
Despite the dip, a wave of optimism remains intact across the XRP ecosystem. ETF launches mark XRP’s most direct entry into mainstream finance to date, and institutional visibility is now dramatically higher than it was even a month ago. Whether price action reflects that immediately or gradually is the key question.
For now, the battle between ETF-driven excitement and short-term selling pressure continues – and XRP’s next move will depend on which force prevails first.
