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Bitcoin falls below $100,000, signaling potential for deeper losses.
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Ethereum and XRP struggle at key resistance levels amid bearish momentum.
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Canary Capital’s XRP ETF records $58 million in debut trading volume.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) traded in negative territory on Friday, extending weekly losses as bearish sentiment continued to weigh on the cryptocurrency market.
So far this week, Bitcoin has dropped more than 5%, Ethereum over 10% and XRP around 2%, with each asset facing significant technical resistance.
Bitcoin slipped below the psychological $100,000 mark, suggesting bears remain in control.
The flagship cryptocurrency was rejected at the 38.20% Fibonacci retracement level near $106,453, measured from the April low of $74,508 to the all-time high of $126,299 on October 6.
BTC has fallen almost 6% since Monday and is currently trading around $96,300.
If Bitcoin’s correction continues and it closes below support at $97,460, analysts see potential for a further decline toward $95,000.
The Relative Strength Index (RSI) sits at 35 — well below the neutral 50 — indicating increasing bearish pressure, while the Moving Average Convergence Divergence (MACD) shows a bearish crossover, reinforcing the sell signal.
However, if BTC can stabilize, a rebound back to $106,453, the key Fibonacci resistance level, remains possible.
Ethereum faces rejection, eyes deeper pullback
Ethereum’s (ETH) correction intensified after the token was rejected near its broken trendline resistance around $3,592 on Monday, representing roughly a 10% drop over three days.
As of Friday, ETH is trading around $3,200.
Should Ethereum close below the $3,170 support level, analysts expect a further decline to $3,017, a significant daily support area.
Both RSI and MACD indicators point to growing bearish momentum, suggesting Ethereum’s downward move may not be over.
If ETH manages to recover, a rally to the 38.20% Fibonacci retracement level at $3,592 would be the next upside target.
XRP falls below key support as ETF launch steals the spotlight
XRP kicked off the week with a strong 6.75% rally on Monday, retesting the 50-day EMA near $2.53, but it failed to sustain the move.
After multiple rejections at the same level, XRP fell 2.5% on Thursday and closed below support at $2.35. As of Friday it is trading near $2.30.
If the downward trend continues, XRP could drop further toward the next major support at $1.96. Both RSI and MACD show a bearish bias, with the latter reflecting trader indecision.
Despite the pullback, XRP made headlines this week with the launch of Canary Capital’s XRP ETF (ticker: XRPC), which debuted on Thursday with notable volume.
According to Bloomberg senior ETF analyst Eric Balchunas, XRPC generated $58 million in trading on its first day — the largest debut among nearly 900 ETF launches this year.
Balchunas noted that XRPC reached $26 million in trading within its first hour, surpassing the prior debut of Bitwise’s Solana ETF (BSOL), which posted $57 million on day one and $72 million on day two.
“The two are a class apart,” Balchunas commented on X, referring to XRPC and BSOL as standout performers in this year’s ETF market.
If XRP can regain momentum and close back above $2.35, it could trigger a recovery toward the 50-day EMA at $2.53.