Why Is XRP Price Dropping Despite Spot ETF Record on Day One?

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XRP surprised the market this week by setting a new record with its first U.S. spot ETF launch, but the token’s price has still declined. As of today, XRP is trading at $2.99, down from recent highs, leaving many investors puzzled.

Spot XRP ETF Breaks Day-One Record

On its first day of trading, the $XRPR ETF recorded $37.7 million in volume, edging out $IVES to claim the biggest first-day natural trading volume of any ETF launched in 2025. Dogecoin’s new ETF ($DOJE) also impressed with $17 million, placing it in the top five launches out of 710 so far this year.

Analyst Zach Rector said the first Spot XRP ETF did set a record for day-one trading volume in 2025, but XRP has since faced three straight days of outflows totaling $68.63 million. He explained this is the main reason the price has fallen, moving in line with the rest of the market.

Why Did XRP’s Price Fall?

Despite the record debut, XRP has seen three straight days of outflows totaling $68.63 million. This selling pressure, combined with broader weakness across crypto, has weighed heavily on its price.

Attorney Bill Morgan explained it simply: “There is no mystery why XRP price is down the last 24 hours. Just playing follow the leader.” He pointed to Bitcoin’s recent slide as the key driver, saying XRP’s movements remain strongly correlated with the wider market,  a point Ripple itself emphasized during its SEC lawsuit.

Technical Picture: Important Levels to Watch

For now, XRP is trading just below a critical resistance zone at $3.20. Analysts note:

• A break below $2.73 could confirm a bearish setup, with downside targets near $2.20.
  
• A sustained push above $3.20 may open the door for gains toward $3.40..