Bitcoin Plunges Below $100K, XRP ETF Nears Approval Amidst Meme Coin Sell-Offs
Bitcoin Plunges Below $100K, XRP ETF Nears Approval Amidst Meme Coin Sell-Offs
This week brought significant movements across the crypto market. Bitcoin (BTC) experienced a notable drop, falling below the $100,000 threshold for the first time since June. In contrast, Ripple (XRP) saw positive news with Franklin Templeton updating its filing for an XRP Exchange-Traded Fund (ETF), hinting at imminent approval and a resilient holder base. Meanwhile, meme coins faced headwinds, with Dogecoin (DOGE) risking a significant price depreciation and Shiba Inu (SHIB) enduring a heavy sell-off.
Market Overview: Bitcoin's Dip and XRP's Potential Surge
The cryptocurrency market witnessed a turbulent week, highlighted by Bitcoin (BTC) falling below $100,000, a level not seen since June. This movement has fueled concerns about bearish sentiment in the broader market.
Despite the general market volatility, Ripple (XRP) garnered positive attention. Franklin Templeton's updated filing for an XRP Exchange-Traded Fund (ETF) signals that approval could be imminent. This development is seen as a major catalyst for XRP, especially given reports that its holders are actively refusing to sell, demonstrating strong conviction.
Meme Coins Under Pressure
However, the outlook for certain meme coins appears challenging. Dogecoin (DOGE) is reportedly at risk of adding another zero to its price, indicating a potential significant devaluation. Similarly, Shiba Inu (SHIB) has been impacted by a substantial sell-off, contributing to downward pressure on its valuation.