Bitwise XRP ETF hits $25M trading volume on first day

XRP has faced a significant sell-off, with major whale wallets offloading nearly 200 million XRP, valued at approximately $400 million, within 48 hours. This sell pressure has contributed to a 10.32% decline in XRP's price, dropping below the crucial $2 psychological level. The market sentiment remains bearish, exacerbated by the influx of sell-side liquidity from wallets holding between one million and ten million tokens.

Market expert Vincent Van Code has warned that investors may soon lose the ability to purchase XRP directly through traditional retail channels. He predicts a shift towards institutional products as the primary means of accessing the cryptocurrency, indicating significant changes in the market landscape.

Analysts have observed a 15% surge in XRP's price, attributed to the reappearance of a key metric that has historically indicated short-term rebounds. Crypto expert Dom noted that this pattern has consistently led to price recoveries of at least 10%. Despite recent volatility in the broader cryptocurrency market, XRP has shown resilience, maintaining trading levels above $2.

The New York Stock Exchange (NYSE) has approved the listing of Grayscale's XRP and Dogecoin exchange-traded funds (ETFs), with trading set to commence on Monday. This development is anticipated to enhance mainstream adoption of cryptocurrencies and may influence future regulatory frameworks.

Bitcoin is currently trading just above $83,000, amid a wave of liquidations totaling approximately $2 billion. This decline has been accompanied by significant outflows from spot exchange-traded funds (ETFs), indicating a challenging environment for major cryptocurrencies like BTC, ETH, XRP, and SOL.

The XRP price has faced bearish momentum, dipping below the $2 mark, which has heightened negative sentiment among traders. Despite this decline, a crypto analyst suggests that the movement is not alarming, as XRP has been trading within a range of $1.90 to $3.50 for nearly a year. The recent drop is viewed as a revisit to a familiar support area rather than a sign of a deeper downturn.

Grayscale is set to launch its DOGE and XRP exchange-traded funds (ETFs) on the New York Stock Exchange (NYSE) on Monday. This move follows the recent launch of Bitwise's XRP ETF, which has already garnered significant attention in the cryptocurrency market. The introduction of these ETFs marks a notable expansion in Grayscale's offerings and reflects the growing interest in cryptocurrency investment products.

Hyperliquid trader profits have decreased significantly from $100 million to $38.4 million as long positions in Ethereum and XRP have incurred losses during a market downturn.