XRP slipped 4.4% to $2.18 on Jan. 8 after failing to hold above $2.28, just days after CNBC called the token the "new cryptocurrency darling" and the "hottest trade" of 2026, topping bitcoin and ether. The pullback underscores how quickly momentum can stall at supply levels, even when the narrative is loud.
Price action: from $2.28 rejection to $2.15 bid
The selloff accelerated around 15:00 UTC on Jan. 7 as volume spiked to 133.8 million XRP — roughly 121% above the 24-hour average. Price rolled over after multiple failures at $2.28, slicing through successive supports until dip buyers appeared near $2.15. On the 60-minute chart, XRP formed a short-term base around $2.173–$2.174, printed a higher low, and recovered into $2.18–$2.19 with improving participation. The session structure remains defined by overhead supply in the $2.20–$2.28 zone and demand around $2.15.
Why CNBC crowned XRP the 'hottest trade'
XRP's strong start to 2026 outpaced both BTC and ETH in the first week, prompting CNBC to label it the "new cryptocurrency darling." The network argued that the most crowded trades may be shifting as XRP draws attention as a relatively under-owned large-cap alternative while bitcoin holds range-bound and ether struggles. Institutional demand through U.S.-listed spot XRP ETFs has continued to attract net inflows into early January, standing in contrast to the stop-start flows seen in bitcoin and ether ETFs. Bullish social sentiment has picked up, network activity is improving, and XRP exchange reserves have drifted lower — a setup traders commonly read as reduced immediately available supply.
Technicals: $2.28 remains the line
Until XRP can reclaim and hold $2.28, rallies are likely to keep running into real offers. Conversely, as long as $2.15 holds, the pullback can still be interpreted as digestion within a strong early-year trend rather than a broader reversal. The volume profile suggests selling into rallies — not a low-liquidity drift — and the short-term bounce, while constructive, has yet to clear the overhead supply that defines the session's bearish structure.