XRP price compresses into bullish breakout zone ahead of Nov. 20 Bitwise ETF launch

Bitwise's Chief Investment Officer, Matt Hougan, anticipates a significant increase in cryptocurrency exchange-traded funds (ETFs) in the United States, with over 100 new funds expected to launch in 2026. This surge is linked to the recent reopening of the government and the emergence of pro-crypto regulations from the Trump administration, along with support from crypto-friendly regulators.

An XRP analyst has projected that spot ETFs could rapidly consume available tokens if significant inflows continue. The model suggests that a single XRP ETF could see daily inflows averaging $90 million, leading to a potential demand for over 229 million XRP in just one day. This scenario raises concerns about the limited public supply of XRP amidst increasing ETF interest.

BlackRock's Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has faced its largest one-day outflow, totaling over $500 million. This significant withdrawal reflects growing investor caution amid fears of a potential bear market, as Bitcoin's price has dropped below the critical $100,000 threshold following a record high in October. The current selloff highlights the broader challenges facing the cryptocurrency market.

BlackRock has initiated the process to launch a Staked Ether ETF, marking its first step into this segment of the cryptocurrency market. This move reflects the company's ongoing commitment to expanding its cryptocurrency offerings and adapting to evolving market demands.

Bitwise's new XRP exchange-traded fund (ETF) is scheduled to launch on Thursday under the ticker 'XRP'. This marks a significant expansion of Bitwise's cryptocurrency offerings, which previously focused primarily on Bitcoin. The launch is anticipated to attract institutional investors and enhance market participation in the cryptocurrency sector.

XRP has experienced a significant decline, falling below the critical support level of $2.15. The drop is attributed to broader weakness in the cryptocurrency market and Bitcoin's recent 'Death Cross' pattern, which typically signals a bearish trend. This downturn occurs despite the absence of major catalysts influencing XRP's price directly.

On-chain data indicates that XRP retail investors have seen a 60% increase in profitability despite recent market downturns. This figure is compared to Bitcoin and Ethereum, highlighting XRP's resilience in the current cryptocurrency landscape. The analysis by Glassnode sheds light on the profitability of retail investors in the top assets.

Bitcoin fell below the $92,000 mark, trading at $91,500 after a 5% drop, marking a 17% decline over the past month. Market sentiment has shifted to fear as investors reassess risks following significant price fluctuations. Cameron Winklevoss suggested that prices under $90,000 may not last long, framing the current dip as a buying opportunity rather than a setback.