Crypto ETF Launch: A Dramatic Fail as XRP Plunges to $1.81! 😱

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Alas, despite the grand spectacle surrounding the much-anticipated launch of Bitwise’s spot XRP exchange-traded fund on November 20, the digital asset saw little improvement. XRP plummeted to $1.81-its lowest value since April-before an even more disheartening sell-off on November 21 pushed its monthly losses past 20%. How poetic! 🙄

The Grand Launch… And the Grand Fall

The announcement of Bitwise’s spot XRP exchange-traded fund on November 20 was met with great fanfare, though, alas, the price of this beloved token could not rise to the occasion. No sooner had it reached the humble height of $2 before it nosedived to $1.81, its weakest point since April 9. It seems the market had other plans. After a broader sell-off on November 21, XRP’s losses for the month surged to a staggering 25%. It truly is a tale of woe! 📉

The market was not kind that fateful Friday. Bitcoin (BTC) found itself falling to $80,500, and the total crypto economy saw its market capitalization sink below $3 trillion. Some experts have suggested that the collapse of the macro narrative that had once supported Bitcoin’s lofty valuation-paired with the dreaded death cross (where the 50-day moving average fell below the 200-day moving average)-may have contributed to the dramatic drop. It seems the crypto kingdom is not as stable as it once seemed! 😬

Despite the promises of the ETF, XRP quickly found itself in the clutches of double-digit losses within a mere 24 hours. Quite the anticlimax, wouldn’t you agree? 🤷‍♂️

Bearish Trends and Technical Woes

With XRP now hovering around $1.90 (as of 7:53 a.m. EST, November 21), the asset remained down 17% over the past seven days, and a depressing 20% over the last 30 days. Since its peak of $3.66 in July, XRP has shed nearly half of its value, bringing its market capitalization from over $200 billion to a modest $115 billion. Oh, what a fall from grace! 👑

To add insult to injury, XRP’s downward spiral triggered a liquidation of $37 million in long positions, far outstripping the $4.3 million in short liquidations. A truly tragic scene, I must say. 😔

Technical Indicators Give No Hope

The ongoing sell-off has caused several key technical indicators to flash dire warnings. As of the latest data, XRP is trading below its short-term, medium-term, and long-term moving averages, signaling that a formidable downward trend is firmly in place. Once-strong support levels (around $2.07 to $2.10) have now flipped into resistance, making a recovery look even more distant. How the mighty have fallen! 🙃

The 14-day relative strength index (RSI) languishes in the low 30s-close to oversold territory. Though some may hope for a quick rebound, in light of the established downtrend, this merely reflects the weakness currently gripping the market. XRP has also broken below a falling trend channel in the medium term, which suggests that the rate of decline may accelerate. The horror! 😱

FAQ 💡

  • What happened after the XRP ETF launch? XRP fell to $1.81, its lowest level since April.
  • How did the broader crypto market react? BTC dropped to $80,500, and the 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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2025-11-21 20:29