XRP Slumps as $2.15 Level Collapses, Bearish Structure Deepens

Dogecoin has reached multi-month lows as exchange flows have turned bullish for the first time in six months. This shift in market sentiment comes amid a backdrop of fluctuating prices and ongoing volatility in the cryptocurrency market, highlighting the challenges faced by Dogecoin and its investors.

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.

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.

Analysts assert that the recent decline in Bitcoin's value should not be attributed to the US government shutdown or advancements in artificial intelligence. An onchain analyst noted that similar price drops in the past have often led to subsequent increases in Bitcoin's value, suggesting a potential for recovery.

Solana (SOL) has initiated a recovery wave, trading above the $132 zone and consolidating near $145. The price has surpassed key resistance levels, including $135 and $140, and is now above the 100-hourly simple moving average. If SOL can clear the $145 and $150 resistance levels, further upward movement is anticipated.

XRP's price action is currently following a corrective structure, indicating a potential drop toward the key support level of $2.03. As momentum cools and Wave 2 behavior unfolds, analysts suggest that the market may be preparing for one final dip before a shift to an uptrend. A decisive breakout above the $2.41 resistance level could invalidate this downward trajectory.

Bitcoin whale activity has surged as the cryptocurrency's price has dipped below $90,000, marking a potential peak in trading activity for this year, according to analysts from Santiment. This increase in whale transactions comes amid a broader market downturn, raising questions about future price movements.