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XRP has continued to struggle in recent weeks, with its decline accelerating on Monday, Feb. 24, as the price tumbled nearly 15%. Notably, since December 3, the third-largest cryptocurrency has been range-bound between $2.80 and $2.00. This continued weakness persists despite a series of major developments expected to boost its price. Beyond Ripple’s victory in the SEC lawsuit in May 2024, which confirmed XRP is not a security, positive news such as Ripple’s new partnerships and progress on XRP exchange-traded funds (ETFs) have gained momentum. For instance, the U.S. Securities and Exchange Commission (SEC) has recently acknowledged filings for multiple XRP ETFs, including Grayscale’s XRP ETF and potential offerings from Canary Capital, WisdomTree, and CoinShares. Additionally, discussions about XRP’s possible inclusion in a U.S. strategic reserve have further fueled optimism within the community. Recently, popular crypto analyst GA Spark weighed in on the situation, outlining several reasons why XRP has yet to respond to these catalysts. According to Spark, the broader market’s influence cannot be understated. “If Bitcoin, Ethereum, and other major assets aren’t rallying, XRP often struggles to gain momentum, “ he tweeted. Notably, Bitcoin’s dominance continues to dictate the movement of altcoins, and with macroeconomic factors such as high interest rates and inflation concerns affecting the financial markets, institutional liquidity remains limited. As a result, XRP, despite its unique utility, moves in correlation with broader market trends. The pundit also argued that regulatory uncertainty remains a significant barrier. According to him, while Ripple won a crucial battle against the SEC last year, the case is not fully resolved, and institutions remain cautious. Many U.S. exchanges still limit XRP adoption, and some platforms avoid listing it altogether due to lingering concerns. He emphasized that full regulatory clarity, including potential approval of XRP ETFs, could be the catalyst needed to spark significant institutional investment. Supply and liquidity dynamics also play a role. The analyst noted that Ripple’s controlled escrow releases increase available supply, “which can slow down price appreciation.” Additionally, XRP is fundamentally a utility-driven asset, meaning its adoption in financial systems is progressing but not yet fully priced in. The pundit noted that, unlike more speculative crypto assets, XRP’s real-world use cases, such as On-Demand Liquidity (ODL) for cross-border payments, are still in the early stages of mass adoption, adding that over time, increasing transaction volumes may reflect in XRP’s price. Another theory points to potential market manipulation. “There is speculation that whales and institutions are deliberately keeping XRP’s price suppressed while they accumulate at lower levels,” he noted. According to him, this suppression allows them to buy more XRP at favorable prices. It maintains stability until a major catalyst, such as regulatory clarity or ETF approvals, triggers a major price breakout. At press time, XRP was trading at $2.20, reflecting a 9.9% drop over the past 24 hours.

It’s a blood-red Tuesday across the crypto markets. Crypto market sentiment has fallen into “extreme fear” as Bitcoin slumped to as low as $86,887, its lowest since mid-November. Broadly, the crypto market has dropped by over 10% over the last day, with some leading coins like Solana, Ripple’s XRP, and Dogecoin nursing much larger losses during the same span. Crypto Trader Sentiment Drops To ‘Extreme Fear’ The Crypto Fear & Greed Index, a multifactorial measure of crypto market sentiment, hit a score of 25 on Feb. 25, showing “extreme fear. Tuesday’s 24-point drop from the day prior that pinned sentiment at “neutral” signals one of the sharpest drops since September. The quick drop signifies a rapid dip toward overly bearish sentiment. Reasons for the panic include the Monday crypto market sell-off extending into Tuesday and the heavy outflows from US spot Bitcoin exchange-traded funds (ETFs). Bitcoin is down 7.8% to trade hands at $87,939, while Ethereum plummeted 11.3% to $2,377, CoinGecko data shows. Ripple’s XRP remains the biggest loser in the top 10 coins, with its decline deepening since earlier Monday. It’s down 15.6% over the last day and 19.7% on the week to a current price of around $2.08. Other top coins are faring almost as badly as XRP, with Solana’s SOL down roughly 13.7% at $135.52, top meme coin Dogecoin falling circa 13% to $0.1997, and Cardano also down 13% at a current price of $0.6345. $1.5 Billion Crypto Liquidation Storm Amid Tuesday’s across-the-board price carnage, liquidations have surged to $1.48 billion over the last 24 hours, per data from CoinGlass, with Ethereum and Bitcoin leading the charge at about $641 million and $302 million, respectively. Most of the liquidations are for those betting on a price rise. The current pullback mirrors the 2017 market formation when Bitcoin saw a 28% correction five times, each lasting two to three months, Global Macro Investor founder and CEO Raoul Pal, observed in a Feb. 25 post on the X platform. The crypto market drawdown followed another wave of selling in US Bitcoin exchange-traded funds, with around $516 million in investor cash exiting the funds on Feb. 24 alone. The BTC ETFs have now witnessed six straight days of outflows, data from Farside Investors shows. Moreover, the crypto industry was recently rocked by the largest hack in crypto history on Feb. 21, when Bybit lost nearly $1.5 billion.

The post Binance Coin Emerges as Silent Winner Amid the Market Crash: Should You Buy BNB in the Dip? appeared first on Coinpedia Fintech News BNB, like many altcoins, has experienced a significant drop, particularly after it struggled to surpass the $700 mark earlier this month. However, traders are still bullish, anticipating another breakout attempt. Despite the increasing selling pressure on its price chart, several on-chain metrics still show bullish signs. These indicators suggest that BNB could be poised for a robust recovery rally soon. BNB Relatively Performed Well During Recovery During the 2021 to 2022 bear market, BNB fared relatively well, experiencing a maximum drawdown of 73.3%, compared to deeper declines of 77.4% for Bitcoin and 81.7% for Ethereum. BNB’s recovery was notably quicker, stabilizing in just 237 days, whereas Bitcoin took 517 days to recover. In the bull market of 2024, BNB managed to face various market challenges that impacted other coins such as Ethereum and Solana. This stability was seen during key events like Grayscale’s GBTC sell-off in January, the Federal Reserve’s hawkish adjustments in March, and the expected Mt. Gox repayments in July of the previous year. Also read: Bitcoin, ETH, & XRP Price Prediction: Another Crypto Crash Incoming? Moreover, August 2024 presented significant bearish tests with a liquidity crisis inducing high volatility across the crypto market. At this time, BNB’s price dropped by 18.5%, which was slightly more than Bitcoin’s 15.5% decline. Nevertheless, BNB performed better than Ethereum, which continues to face losses up to the present. According to data from Coinglass, BNB has seen significant liquidations totaling nearly $6 million, with $5.8 million coming from long positions, indicating a surge in long liquidations. Moreover, the open interest in BNB has fallen by 4.6% to $742.8 million, showing reduced trading interest among traders. Despite this, the long/short ratio has been rising, currently standing at 1.3992. This increase suggests that the number of long positions is growing relative to short positions, with approximately 58% of positions now being long. This trend indicates that a majority of traders are now anticipating a recovery rally in BNB’s price. What’s Next for BNB Price? Binance Coin (BNB) experienced significant selling pressure, driving its price below the key $600 level. The price touched a low at around $586; however, buyers later rebounded the price. Meanwhile, sellers are testing the waters for a potential continuation of the downtrend. At present, BNB is priced at $611, reflecting a 3.5% decline over the past 24 hours. The BNB/USDT pair is poised to retest the $565 level, although it is likely to encounter robust resistance from buyers. With the Relative Strength Index (RSI) nearing the oversold threshold at 34, there is a risk of intensified selling pressure on BNB. Should the price not sustain above $565, a further decrease toward $500 could occur. Conversely, if BNB maintains its position above $565 or bounces back from its current price, there’s potential for an upward movement towards $647. A successful push beyond $647 could propel the price to approximately $685.

SEC opens public comment period for Bitwise spot $XRP ETF According to Crypto Briefing, the SEC has published Bitwise's 19b-4 filing for a spot XRP ETF in the Federal Register, initiating a 21-day public comment period. This marks one of five XRP ETF filings currently under SEC…

Ripple $XRP price declined nearly 12% on Monday and reached a daily low of $2.06 the next day. At the time of writing on Wednesday, it hovers around $2.29 level. If the daily level of $2.72 holds as resistance, it will extend the decline to test its next support level at $1.96. The RSI on the daily chart reads 36, rejecting its neutral level of 50 and points downwards, indicating bearish momentum. Conversely, if XRP closes above $2.72 and finds support, it will extend the rally and retest its January 16 high of $3.40.