XRP experienced a significant drop of nearly 5% as institutional sell-offs occurred during the debut of the REX-Osprey ETF, erasing $11 billion in market value. Despite the ETF’s initial trading volume hitting a record $37.7 million, the subsequent decline saw XRP struggle to maintain vital support at $2.77. The token collapsed from $2.87 to $2.77 within 24 hours. A notable flash crash further emphasized the volatility, with trading volumes surging to 656.1 million, indicating heavy institutional selling. Technical analysis reveals that while the support at $2.77 remains critical, the formation of lower highs indicates a bearish trend, with resistance at $2.87. Should the support at $2.82 fail, XRP could potentially decline towards the $2.75 to $2.70 range. Traders are closely monitoring ETF inflows, whale wallet activities, and the broader cryptocurrency market dynamics as Bitcoin dominance rises to 57.7%.

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