The crypto market opened with a surge of excitement as the newly launched XRP exchange traded funds recorded impressive early activity. In the first 15 minutes of trading, the 4 active XRP ETFs captured nearly $10M in volume. By the one hour mark, combined inflows had climbed to $16.3M, putting the products on track for one of the strongest single day openings in the altcoin ETF category.
Bitwise led the early action, reporting 102,140 shares traded out of the gate, worth roughly $2.53M.
The strong ETF flows immediately showed up in the spot market. XRP rose more than 5% during the opening session and traded near $2.19 at the time of reporting. The move followed a series of upside extensions recorded the previous day.
Technical analysts said that XRP is currently in a pullback, but the overall structure remains bullish. The ongoing wave count suggests the market may be forming an upside impulse that is not yet fully complete.
The recent rally visually resembles a five wave pattern. However, when examined closely, parts of the move can also be interpreted as a three wave formation. For a fully confirmed five wave impulse, the price would need to hold important support and produce a more clearly defined structure.
The most important level now is the $2.16 to $2.17 support zone. As long as XRP stays above this range, the bullish scenario remains valid. A deeper retracement toward $2.07, which represents the 50% Fibonacci level of the current wave, is still possible without breaking the overall structure.
A decisive drop below $2.07 would signal that a stronger corrective move is underway. The analyst would then expect the price to revisit the lower support area that was tested on November 21. The $2.12 zone is seen as an important level.
