XRP ETF Freeze Prompts 11% Plunge and $93M Liquidations
XRP plunged 11% after the SEC froze approval of Bitwise’s XRP ETF between July 22–24, marking an XRP ETF freeze that triggered over $93M in long liquidations. The price tumbled from a record $3.65 high to $3.11 by the day’s close.
This XRP ETF freeze halted $1.86B in BITW shares from migrating to regulated exchanges and also impacted Grayscale’s GDLC ETF. Market cap fell to $184.5B while 24-hour volume jumped 92.7% to $14.48B, reflecting heavy sell-offs. Active addresses dipped below 54,000 before recovering to 57,700, evidence of cautious user return.
Technically, XRP broke below the 100-hour SMA at $3.45 and the 23.6% Fibonacci retracement at $3.28. Key support levels are $3.05 (38.2% Fib) and $2.85 (50% Fib), with resistance at $3.30 and $3.50. The RSI sits at 27.65 in oversold territory and the MACD confirms bearish momentum, though a short-term bounce could materialize if on-chain activity continues to recover.
Bearish
The SEC’s freeze on Bitwise’s XRP ETF approval and the resulting $93M in long liquidations have heightened regulatory uncertainty and driven a technical breakdown below key moving averages and Fibonacci levels. Combined with a sharp surge in trading volume and an oversold RSI, this suggests continued bearish momentum in the short term. However, if on-chain metrics improve and cautious user activity persists, XRP could see a technical bounce, but the overall market sentiment remains negative until regulatory clarity returns.