Ripple’s XRP Defies Crypto Market Slump, Anticipation Builds For Nasdaq ETF Launch

• XRP rose 0.4% in early Thursday trading, becoming the only major cryptocurrency in positive territory.
• The price uptick comes ahead of the anticipated debut of the first U.S. spot XRP ETF, XRPC, on Nasdaq.
• CoinGlass reported approximately $583 million in crypto liquidations in the last 24 hours, primarily from long positions.

Ripple’s native token XRP (XRP) was the only token in the green among major cryptocurrencies in early morning trade on Thursday, while the rest of the market struggled to hold onto gains.

XRP’s price was up 0.4% in the 24 hours, with retail sentiment on Stocktwits trending in ‘bullish’ territory over the past day as chatter rose to ‘high’ from ‘normal’ levels. The uptick comes as retail investors expect the first U.S. spot XRP ETF (XRPC) to debut on Nasdaq at the opening bell on Thursday.

The impending listing was flagged by a senior ETF analyst at Bloomberg, Eric Balchunas, in a post on X where he shared a screenshot of the listing notice.

Bitcoin And Solana Weaken

Bitcoin (BTC) and other major cryptocurrencies traded lower, led by losses in Solana (SOL). Bitcoin’s price was down 2.5% in the last 24 hours but retail sentiment around the apex cryptocurrency improved to ‘neutral’ from ‘bearish’ over the past day. Solana’s price was down 4.5% as retail sentiment continued to trend in ‘bearish’ territory.

On-chain data from Glassnode showed that long-term Bitcoin holders are accelerating their distribution, with net position changes becoming sharply negative. Analyst Ali Charts noted that in bear markets, when BTC falls below its 200-day SMA, it often trades below its realized price, currently $56,200.

Crypto Market Cap Now At $3.5 Trillion

The cryptocurrency market overall declined 1.2% in the past 24 hours, with a total market capitalization of roughly $3.5 trillion. CoinGlass data showed $583 million in liquidations, primarily from long positions – amounting to $479 million – and $104 million in shorts. 

On the equities side, shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.49% lower in pre-market trade. Meanwhile, shares of Ethereum-backed digital asset treasury (DAT) firm Bitmine Immersion Technologies (BMNR) dipped 0.17%. Crypto-exchange Coinbase (COIN) was down 0.35%. 

The market movement follows the U.S. government shutdown, which ended on Wednesday after President Donald Trump signed a funding bill passed by the House, marking the end of the 43-day shutdown—the longest in U.S. history. 

Read also: Circle Stock Gains Pre-Market After JPMorgan Turns Bullish, Cathie Wood’s Ark Invest Buys The Dip

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on