-
Bitcoin fell below $100,000, signaling the possibility of deeper losses.
-
Ethereum and XRP struggled at key resistance levels amid downward momentum.
-
XRP ETF Canary Capital recorded $58 million in debut trading volume.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) traded in negative territory on Friday, extending losses for the week as bearish sentiment continued to grip the cryptocurrency market.
Bitcoin is down more than 5%, Ethereum over 10%, and XRP around 2% so far this week, each facing strong technical resistance.
Bitcoin slid below the psychological $100,000 mark, indicating that bears remain in control.
The leading cryptocurrency was rejected near the 38.20% Fibonacci retracement level at $106,453, measured from the April 7 low of $74,508 to the all-time high on October 6 of $126,299.
BTC has fallen nearly 6% since Monday and is currently trading around $96,300.
If Bitcoin continues to correct and closes below support at $97,460, analysts see the potential for further declines toward $95,000.
The Relative Strength Index (RSI) sits at 35—well below the neutral 50—indicating rising downward pressure, while the Moving Average Convergence Divergence (MACD) shows a bearish crossover, reinforcing sell signals.
However, if BTC stabilizes, a rebound toward $106,453, the key Fibonacci resistance level, remains possible.
Ethereum faces rejection, risk of deeper pullback
Ethereum’s (ETH) correction intensified after the token was rejected near a breached trendline resistance at $3,592 on Monday, losing roughly 10% over three days.
As of Friday, ETH was trading near $3,200.
If Ethereum closes below the $3,170 support level, analysts expect further downside toward $3,017, a major daily support zone.
Both the RSI and MACD indicate growing bearish momentum, suggesting the Ethereum pullback may not be over.
If ETH can bounce, a recovery toward the 38.20% Fibonacci retracement at $3,592 would be the next upside target.
XRP slips below key support as ETF launch steals the spotlight
XRP began the week with a strong 6.75% rally on Monday, retesting the 50-day EMA at $2.53, but it failed to sustain the move.
After multiple rejections at that level, XRP fell 2.5% on Thursday and closed below support at $2.35. As of Friday, it was trading near $2.30.
If the downtrend continues, XRP could slide further toward the next major support at $1.96. Both RSI and MACD show bearish bias, with the latter reflecting trader uncertainty.
Despite the pullback, XRP made headlines this week with the launch of the Canary Capital XRP ETF (ticker: XRPC), which debuted Thursday with record-breaking volume.
According to senior ETF analyst Eric Balchunas at Bloomberg, XRPC generated $58 million in first-day trading, the largest debut among nearly 900 ETF launches this year.
Balchunas noted the XRP ETF hit $26 million in its first hour, surpassing the prior debut set by Bitwise’s Solana ETF (BSOL), which recorded $57 million on day one and $72 million on day two.
“They’re both in a league of their own,” Balchunas said on X, referring to XRPC and BSOL as standout ETF performers this year.
If XRP can regain momentum and close above $2.35, it could trigger a recovery toward the 50-day EMA at $2.53.