The highly anticipated launch of Bitwise’s spot XRP exchange-traded fund (ETF) on November 20 failed to provide support to the digital asset, which tumbled to a low of $1.81, its weakest level since April 9. Trading just above $2 before a market-wide sell-off on Friday, Nov. 21, XRP’s losses since the start of the month climbed to 25%.
Read more: Bitwise XRP ETF Lands on NYSE Today as Mainstream Interest Accelerates
The Friday sell-off was severe across the board, driving bitcoin ( BTC) to $80,500 and pushing the total crypto economy’s market capitalization below $3 trillion. Experts attributed the crash to multiple factors, including the collapse of the macro narrative that had supported BTC’s high valuation and the confirmation of the death cross (the BTC 50-day moving average dropping below the 200-day moving average).
Despite the fanfare surrounding the ETF, the announcement was quickly followed by double-digit losses for XRP and several altcoins within 24 hours.
Although recovering slightly to trade around $1.90 (Nov. 21, 7:53 a.m. EST), XRP remained down 17% over seven days and 20% over 30 days. Since peaking at $3.66 in July this year, XRP has shed nearly half its value, driving its market capitalization down from over $200 billion to $115 billion. Meanwhile, XRP’s steep decline triggered the liquidation of $37 million in long positions over 24 hours, heavily outweighing the $4.3 million in liquidated shorts.
The sustained sell-off has caused several classic technical indicators for XRP to flash strongly bearish signals after the price dropped below critical support levels. At the time of writing, the latest data showed XRP trading below its short-term, medium-term, and long-term Moving Averages, indicating a strong downward trend has been established. These former support levels (around $2.07 to $2.10) have now flipped into resistance.
Furthermore, the 14-day relative strength index (RSI) is in the low 30s. While this is nearing oversold territory, in the context of the established downtrend, it primarily reflects current market weakness. The digital asset has also broken below a falling trend channel in the medium term, signaling a potentially accelerating rate of price decline.
- What happened after the XRP ETF launch? XRP fell to $1.81, its weakest level since April.
- How did the broader crypto market react? BTC dropped to $80,500, and total market cap slipped below $3 trillion.
- What losses did XRP record globally? XRP shed nearly half its value since July, with its market cap down to $115 billion.
- What do technical indicators show now? XRP trades below key moving averages, with RSI near oversold levels signaling continued weakness.
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