XRP Investors Holdings Have Hit Worst Losses In 1 Year, Here Are The Stats

Recent Bitcoin whale activity indicates a shift in market dynamics, with significant accumulation occurring during periods of price weakness. This suggests that Bitcoin's supply is transitioning from short-term traders to long-term holders. The limitations of Bitcoin's base layer, including low throughput and high fees, are driving interest in Layer-2 solutions like Bitcoin Hyper, which utilizes SVM technology for enhanced scalability.

Bitcoin's price has recently dropped below $100,000, leading to a wave of bearish predictions among analysts and investors. Mr. Wall Street, a notable analyst, forecasts a further decline, suggesting Bitcoin could fall below $60,000. The sentiment surrounding Bitcoin has turned negative, with expectations of continued volatility and short-lived price reversals before further crashes.

$XRP has experienced a significant increase in trading volume, surging from $118K to $2.8M, indicating a shift towards institutional investment. A price movement above $2.16 could signal a sustained bull run, while a drop below $1.94 may lead to a crash. Additionally, PEPENODE has introduced a new mine-to-earn memecoin model, attracting attention in the cryptocurrency market.

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.

XRP price is currently consolidating within a breakout pattern as traders anticipate the impact of the Bitwise XRP ETF launch scheduled for November 20. At the time of reporting, XRP was trading at $2.13, reflecting a 1.1% decline over the past 24 hours amid a mixed crypto market.

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.