XRP weakened through the second November weekend after enthusiasm around the first United States spot XRP ETF cooled. Prices slipped from highs near $2.48 toward the $2.20 range, which pulled close to $13 billion from its valuation. Traders monitored whale movements, cautious sentiment across major tokens, and the first wave of ETF activity that shaped the tone of the market.
Bitcoin softened toward the upper $96,000 range during the same stretch, and that retreat influenced the wider digital asset market. XRP moved in line with that backdrop as participants assessed what the ETF debut signaled for demand.
Mechanics Of the Launch Come Into Focus
The ETF began trading with strong attention from institutions. It landed on Nasdaq during a busy week for new products, and the numbers reflected that interest. Based on data from SoSoValue, early sessions brought inflows $243 million, with day one trading volume close to $59 million. That placed the product among the strongest performers of the year and drew comparisons with recent launches tied to other major tokens.
Yet activity inside the XRP Ledger told a different story, as broken down on X by John Wissler. Whale accounts trimmed positions through the run-up to the launch. Roughly 1.4 billion tokens moved out of large accounts during the month. Reports pointed to about 90 million tokens sold during the three days before the ETF date, with another 200 million sold during the debut. Long-term holders reduced positions as well. Those moves outweighed the early strength of the ETF and shaped sentiment through the weekend.
Market Mood Turns Cautious
The wider market set a challenging stage, with ETH, SOL, BTC, and the majority of crypto assets retreating. Open interest across major exchanges softened and funding rates eased, which added to the cautious mood.
Liquidity shaped XRP’s weekend path differently. With a valuation near $140 billion and a pool of about 56 billion circulating tokens, meaningful price shifts require deep flow. Weekend books tend to be thinner, and that pattern allowed whale sales to leave a stronger mark on spot markets.
Why The Drop Caught Attention
The weekend move stirred discussion among traders following XRP’s long-term trend. Retail participants, like Ninjafromqueens, highlighted historical November strength and viewed the retreat as a simple pause after a milestone event. Analysts pointed to rising assets under management in the new ETF, along with expectations for additional issuers preparing similar products. Those products would increase custodial demand and tighten circulating supply across trading venues.
Large holders approached the weekend from a different angle. XRP logged a strong rise through the year, and many used the ETF milestone as a moment to realise gains. Their timing reflected a practical view of market structure, since a debut of this scale often draws fresh liquidity and strong attention. Those conditions created an orderly window for distribution, and the steady wave of sales helped define the weekend slide with clear intent rather than confusion.
