XRP slipped to around $2.29 on Thursday, extending a broader market downturn that has gripped altcoins as Bitcoin continues to unwind sharply.
Key Takeaways
- XRP drops to around $2.29, but the decline is driven mainly by Bitcoin’s selloff, not XRP-specific weakness.
- More than 149M XRP — roughly $336M — left centralized exchanges in 24 hours, signaling major whale accumulation.
- Canary Capital clients bought an estimated $245M in XRP this week during the dip.
- The new spot XRP ETF (XRPC) launched with over $58M in first-day volume — far above analyst expectations.
The pullback has frustrated investors who expected the debut of the first spot XRP exchange-traded fund to trigger immediate upside. Yet price charts only reveal half the story — and the on-chain data is painting a far more interesting picture.
Market Pressure Comes from Bitcoin, Not XRP
XRP’s decline is not rooted in weakness within the XRP ecosystem itself. Analysts note that the current market phase is driven overwhelmingly by Bitcoin’s liquidation cycle, which has forced most altcoins into synchronized retreat. Even strong news is struggling to move prices meaningfully while capital exits risk assets across the board.
Crypto analyst Nick Crypto Crusader explained that XRP’s decline is a symptom of the market, not a verdict on the asset. The cryptocurrency is simply being dragged into Bitcoin’s correction — a pattern that has been seen many times across previous cycles. Technicals echo short-term caution, with the MACD crossing bearish and the RSI remaining below the neutral 50 mark.
Under the Surface, Whales Are Accumulating
While charts reflect uncertainty, blockchain data is telling a different story about how deep-pocketed investors are positioning. In just 24 hours, more than 149 million XRP — roughly $336 million — exited centralized exchanges. Such drops in exchange reserves typically mean that large buyers are moving tokens to cold storage rather than preparing to sell.
🚨XRP SUPPLY ON EXCHANGES PLUNGES!
Over 149M $XRP worth about $336M exited centralized exchanges in just 24 hours. pic.twitter.com/Hg2qL2sis6
— Coin Bureau (@coinbureau) November 14, 2025
This behavior aligns with reports that clients of Canary Capital accumulated approximately $245 million worth of XRP this week. The move signals not only confidence during market volatility but forward positioning for the months ahead — something long-term investors often do before new catalysts unfold.
Spot XRP ETF Launch Exceeds Expectations
One of those catalysts has already arrived sooner than expected. Canary Capital’s debut of the spot XRP ETF (XRPC) surprised the market by generating over $58 million in first-day trading volume — the strongest ETF launch performance of the year. Analysts had forecasted around $17 million for the debut day, yet that estimate was surpassed within the first 30 minutes.
Despite the explosive start, XRP did not rally immediately. This confused retail investors but did not surprise market historians. When Bitcoin’s spot ETFs went live in January 2024, the cryptocurrency dropped on launch day. The true rally came later — after institutional inflows increased and issuers accumulated spot BTC to back their ETFs.
ETF Buy Pressure Hasn’t Started — But Soon Will
A critical detail many traders overlook is that Canary Capital still needs to purchase the XRP required to back the ETF shares being issued. That means the largest wave of buy pressure tied to the ETF hasn’t actually hit the market yet.
If inflows into XRPC continue while exchange balances keep shrinking, XRP could face a tightening supply shock — the same dynamic that propelled Bitcoin months after its ETF launch. For now, however, market sentiment remains tethered to Bitcoin, and XRP’s price is moving accordingly.
Looking Ahead
In the short term, Bitcoin will continue to determine XRP’s direction. As long as the market leader experiences selling pressure, altcoins are likely to remain defensive. But beneath the volatility, conditions are quietly shifting.
Institutional inflows are rising. Exchange reserves are collapsing. Whales are positioning aggressively. And the first spot XRP ETF has launched with stronger demand than anyone expected.
If past market cycles are any indication, XRP’s price tends to react last — not first. What looks like stagnation today may be the early construction phase of a much larger move later.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.