XRP Tests Crucial $2.20 Pivot After $164M ETF Debut Fails to Offset Liquidations

An Ethereum ICO whale has sold 20,000 ETH, valued at approximately $58 million, amid intensifying selling pressure that has seen Ethereum's price fall below the critical $3,000 level. This decline has raised concerns about a potential prolonged bearish phase for the cryptocurrency, with ETH trading nearly 40% below its August all-time high.

The Dogecoin ETF has had a disappointing launch, failing to meet market expectations and underperforming compared to the XRP and Solana ETFs, which have seen significant inflows. The Dogecoin ETF only managed to generate $1.41 million in trading volume on its debut day, raising concerns about its attractiveness to investors.

Bitcoin has recently experienced a price recovery, rising from a low of $80,000 to approximately $87,000, which has led to discussions among traders about whether this rebound signifies a genuine market recovery or merely a temporary 'dead cat bounce.' Analyst Peter Anthony argues that the prevailing bearish sentiment may be misleading, suggesting that this recovery could set the stage for a more substantial rally.

The UAE has enacted a new financial law that integrates cryptocurrency and blockchain technology into traditional finance, placing them under the supervision of the Central Bank. This decree aims to solidify the UAE's position as a global leader in the cryptocurrency sector.

Aptos (APT) has been trading relatively unchanged, underperforming compared to the broader cryptocurrency market rally, with current support at $2.16 and resistance at $2.31. This stagnation occurs as Bitcoin leads a rebound in the market, recovering from earlier losses and rising above $86,000.

Institutional investors have recently shifted their focus from Bitcoin, Ethereum, and Solana to XRP, resulting in significant outflows from the former and inflows into the latter. A CoinShares report highlighted that Bitcoin, Ethereum, and Solana experienced outflows totaling $1.27 billion, $589 million, and $156 million respectively, while XRP saw a notable increase in investments.

Nasdaq ISE has filed to elevate the option limits for BlackRock's iShares Bitcoin Trust (IBIT) to top-tier status, reflecting a surge in IBIT options activity and a shift of open interest towards U.S. regulated venues. This move comes amid a backdrop of fluctuating investor sentiment in the cryptocurrency market.

Bitcoin has recently reversed its downward trend, surpassing the $90,000 mark just ahead of Thanksgiving, a notable shift from the typical pre-holiday price declines observed in previous years. This rebound follows a period of volatility, where Bitcoin's price had dipped significantly earlier in the week.