Was the ETF launch a classic sell-the-news event?
Trading volumes on crypto exchanges have soared to over $7 billion, but interest in the token appears to be growing following the launch of the first US-based spot XRP ETF to have 100% exposure to the asset.
CryptoPotato reported yesterday that the final hurdle for Canary Capital’s XRPC fund had been cleared after the US SEC failed to object to its launch and the Nasdaq published the official listing notice. Hours later, the financial vehicle went live, breaking SOL’s record for trading volumes on launch day.
While this sounds like a bullish development, there was a warning hidden in the initial report. In the few days leading up to the ETF release, on-chain data showed that the seven-day moving average from XRP’s Exchange Network to Binance had turned positive, which typically indicates that large holders (known as whales) are moving significant amounts of the asset onto trading platforms, with the likely intention to sell.
This was in line with previous warning signals from such market participants. In fact, Whales had sold around 1.4 billion tokens in about a month, which not only increases immediate selling pressure but could also serve as an example for retail investors to abandon ship.
So while the most likely reason for XRP’s price drop today is the general market correction that has driven the entire capitalization south by $200 billion in 24 hours, there could be a bigger story.
The exodus of investors from above and previous AI claims that the ETF launch will inevitably become a classic sell-the-news event are also among the main culprits behind XRP’s plunge from $2.52 to $2.28.
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The good news for the short term is that the token has hit a buy wall around $2.20, which previously held during a correction. It currently serves as the first substantial support area before falling towards $2.00.
$XRP has achieved another purchase. pic.twitter.com/KT54RT8BgE
— CW (@CW8900) November 14, 2025
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