XRP Slumps 5% as Bitcoin's Break Under $93,000 Leads to Bearish Outlook For Majors

Core Insights - XRP experienced a significant retreat from the $2.30 resistance level due to profit-taking, indicating that this resistance remains structurally intact [1] - The broader crypto market is under pressure, with risk sentiment softening and technical signals dominating short-term trading behavior [2] - Mixed ETF flows were observed, with the first U.S. spot XRP ETF, XRPC, achieving $58.6 million in opening-day volume but failing to sustain upward momentum in spot markets [3] Price Action Summary - XRP's price dropped 4.58% to $2.18 after a failed breakout attempt at $2.30, leading to heavy selling and a 342% volume spike [5] - The token fluctuated between $2.27 and $2.18, with sellers defending the $2.30 level aggressively [6] - Late-session trading showed extended flat-volume periods, indicating a pause in institutional flows until clearer confirmation around the $2.20 floor emerges [6] Market Sentiment and Trading Strategy - The $2.20 level is critical; holding this level could lead to another attempt towards $2.30–$2.40, while failure below $2.18 could result in a rapid drop to $2.02–$1.98 [7] - Volume confirmation is essential for direction; rising buy volume at $2.20 indicates accumulation, while low-volume bounces remain vulnerable [7] - ETF flows are a key short-term catalyst, with sustained inflows into XRPC potentially bolstering spot liquidity [7]