XRP Drops to $1.51 After Short Squeeze Rally

XRP experienced significant price volatility in late September 2026, peaking at $1.66 on September 23 before declining 6.9% to $1.51 by September 24. The initial surge was fueled by a short squeeze on September 21 that liquidated approximately $300 million in short positions across the broader cryptocurrency market.

Institutional demand through U.S. spot XRP ETFs has totaled $1.71 billion since November 2025, but momentum slowed in September. Weekly inflows dropped to between $10 million and $19 million, a decrease from the sustained demand levels recorded in August.

Market analysts have identified $1.48 as a critical support level and $1.70 as the primary resistance point. The asset faces two upcoming catalysts: the XRP Ledger Batch upgrade scheduled for September 29 and a potential release of up to 1 billion XRP from escrow by Ripple on October 1.