XRP ETF吸金 $164 million in a single day but failed to offset liquidation losses, XRP is testing the key level of $2.20.

On Tuesday, XRP opened amidst a mixed macroeconomic environment, with significant Close Position in derivation on one hand, and a historic rise in Spot ETF momentum on the other. The first-day capital inflow of Franklin Templeton's XRPZ and Grayscale's GXRP totaled $164 million, making it one of the strongest altcoin ETFs in recent years, indicating a strong demand from institutional investors for regulated XRP exposure.

However, the derivatives market presents a completely different picture: the open contracts on mainstream CEX plummeted from $1.7 billion to $504 million, hitting a new low in 12 months, leading to the liquidation of over-leveraged long and short positions, which is one of the largest liquidation events since mid-2022. Whale wallets also exerted pressure, selling approximately 180 million XRP, which aligns with the overall risk-averse sentiment in the cryptocurrency market.

On a technical level, after XRP broke below $2.24, its structure weakened, and it tested the $2.20 bottom with increased trading volume. At 14:00 GMT, the trading volume surged to 124.4 million coins, indicating that institutional sellers are closing positions rather than retail investors capitulating. However, the overall technical pattern remains intact: the right-angle ascending wedge pattern extending from the $2.00 bottom is still valid. If XRP can regain the resistance level of $2.38, its macro trend is expected to reach the range of $4.50 to $7.00.

The short-term momentum indicators show mixed signals. The RSI indicator remains neutral, while the MACD indicator continues to consolidate sideways, indicating that the market is in a reaccumulation phase rather than a collapse. The whale sell-off has prevented an immediate rebound in prices, but the overnight price has stabilized around $2.21 — supported by a surge in trading volume around 2 a.m. — suggesting that institutional investors' buying may be quietly returning after the crash in the derivation market. (CoinDesk)