XRP Corrective Path Clears: Market Poised For A Drop Toward $2.03

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.

The SEC is advancing Bitwise's cryptocurrency ETF proposal, which includes XRP and Solana as key components. This move reflects a growing acceptance of cryptocurrencies in traditional finance, as the SEC's approval could pave the way for more institutional investment in these digital assets. The positive sentiment surrounding XRP and Solana indicates their resilience in a fluctuating market.

XRP's price is at risk of a 25% decline to $1.55 due to a significant drop in ledger activity over the past four months. This downturn has raised concerns among analysts regarding the cryptocurrency's future performance.

XRP's price is at risk of a 25% decline to $1.55 due to a significant drop in ledger activity over the past four months. This downturn has raised concerns among analysts regarding the cryptocurrency's future performance.

XRP investors are experiencing significant losses, with recent on-chain data indicating a sharp decline in profitable supply. The market remains fragile, despite XRP trading higher than its price from the previous year. Current statistics reveal increasing pressure on investors and a weakening market structure.

Bitcoin is currently trading around the $90,000 mark, reflecting a significant market shift. Analysts are divided on whether this decline below $100,000 signals the start of a bear market or if Bitcoin is poised for a recovery. Recent data indicates that nearly 7 million BTC are now at an unrealized loss, the highest since January 2024, highlighting the ongoing volatility and uncertainty in the cryptocurrency market.