Contrasting Fortunes: XRP ETF Soars to Record Debut While Solana Faces Bearish Pressure
Contrasting Fortunes: XRP ETF Soars to Record Debut While Solana Faces Bearish Pressure
The crypto market presented a tale of two fortunes this week. The first spot XRP Exchange-Traded Fund (ETF), launched by Canary Capital, defied expectations by recording strong institutional demand and significant trading volume on its debut, poised to become a record-breaker for 2025 launches. This success follows a wave of altcoin ETF approvals, including Solana's Staking ETF (BSOL), which also saw an impressive initial performance.
Conversely, Solana (SOL) experienced a fresh decline, falling below the $150 mark and exposing its price to further bearish swings. Technical indicators suggest continued downward momentum, with potential declines towards $140 or even $120 if key support levels are not defended.
XRP ETF Shatters Expectations with Stellar Debut
Canary Capital's spot XRP ETF (XRPC) made a historic entrance onto Nasdaq, significantly exceeding initial expert predictions for its first-day performance. Analysts, who initially projected volumes between $15 million and $35 million, witnessed the ETF hit $26 million within the first half-hour and $46 million by mid-day, suggesting it is on track to surpass Bitwise's Solana Staking ETF (BSOL) and potentially secure the top spot for 2025 ETF launches. The launch of XRPC, alongside other altcoin ETFs for Litecoin and Hedera, signals a robust and expanding interest in crypto investment products, particularly following the resolution of government regulatory hurdles.
Solana Dips Below Key Support Levels
In stark contrast, Solana (SOL) is grappling with significant bearish sentiment. The digital asset initiated a fresh decline, dropping below the critical $150 threshold after failing to stabilize above $162. Analysts point to consolidating losses below $150, with immediate support levels identified at $142 and $140. A break below these points could see SOL's price further plummet towards $132 and potentially $120 in the near term. Technical indicators, including the Hourly MACD showing bearish momentum and the RSI below 50, reinforce the pessimistic outlook for Solana's short-term price action, despite the earlier strong debut of its own spot ETF.