XRP Plummets 7% – ETF Launch or Whale Puke? 🤡💸

Key Highlights (Or Should We Say, Low-Lights?) 😂

• XRP took a nosedive below $2 on the very day Bitwise’s XRP ETF debuted on the NYSE, because why not add insult to injury? 📉
• Despite the price crash, the Bitwise XRP ETF raked in $22 million on its first day – because apparently, someone’s still buying the dip! 💰
• Whales dumped 200 million XRP faster than a Mel Brooks punchline, as on-chain data showed profitability hitting rock bottom since late 2024. 🐳🤦‍♂️

The XRP market opened with more drama than a Brooks comedy, as the cryptocurrency plummeted over 7% on the same day Bitwise Asset Management launched its shiny new spot XRP ETF on the New York Stock Exchange (NYSE). Talk about a plot twist! 🎭

The token dropped below the $2.00 mark, revisiting prices last seen during the October 10 market meltdown. Ripple fans were expecting a party, but the market said, “Hold my beer.” 🍻

The drop left the Ripple community scratching their heads, as the ETF launch was supposed to be the hero of the story, not the villain. But a weak market and whale sell-offs turned this into a tragicomic farce. 😭🤡

Market Goes Full Clown Mode as Bitcoin Drags XRP Down 🎪

At the time of writing, XRP was trading at a measly $1.98, down 7% in 24 hours and nearly 18% on the weekly chart, according to CoinMarketCap. Because why have a good day when you can have a terrible, horrible, no good, very bad day? 📉

The fall came after Bitcoin decided to take a dive below $86,000, triggering $220 million in long liquidations in an hour. Bullish momentum? More like bullish adios. 🚀💥

The XRP community was hoping the Bitwise ETF would be the hero Ripple CEO Brad Garlinghouse promised, calling it a “pre-Thanksgiving rush.” Instead, it was more like a post-Thanksgiving food coma. 🦃😴

Bitwise XRP ETF Launches with a Bang (But Not the Good Kind) 🎆

Despite the price nosedive, the Bitwise XRP ETF had a first-day volume of $22 million. ETF analyst James Seyffart called it “impressive,” which is like calling a leaky boat “seaworthy.” 🚢💦

The ETF has a 0.34% management fee, but Bitwise is waiving it for the first month on the initial $500 million in assets. Because nothing says “we’re desperate” like a free trial. 🤑

The fund launched with $2.3 million in seed capital, contributed by market makers and authorized participants. It gives investors direct exposure to spot XRP, because who doesn’t love a little extra risk? 🎲

Whales Dump XRP Like It’s Hot Garbage 🗑️

Glassnode reported that the share of XRP supply in profit fell to 58.5%, the lowest since November 2024. Despite trading ~4× higher, 41.5% of the supply is in the red – a sign of a top-heavy market dominated by late buyers. Oopsie! 😬

Whales sold 200 million XRP in 48 hours after the ETF launch, because nothing says “confidence” like a massive sell-off. 🐳💨

Why the XRP ETF Matters (Or Doesn’t? 🤷‍♂️)

The XRP ETF is a big deal – it’s the first time U.S. investors can get regulated exposure to XRP in a conventional product. But will it save the day? Probably not. 🦸‍♂️❌

Analysts warn institutional inflows might be slow, and adoption may not pick up until 2026. Because nothing says “mainstream” like waiting another year. ⏳

A Volatile Start to a Long-Term… Something 🌪️

The XRP price drop on ETF launch day proves crypto markets don’t care about headlines. While the ETF is a step toward mainstream adoption, short-term prices are still at the mercy of macro sentiment, whale antics, and Bitcoin’s mood swings. 🎢

XRP investors are now juggling market stress and long-term hopes. Will it balance out? Only time will tell. Or not. 🤷‍♂️

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2025-11-21 10:15