XRP ETF Fails to Lift Prices as Crypto Market Slumps

Ripple’s cross-border token XRP experienced substantial volatility over the past several days, currently trading in the red on a daily scale despite initial excitement surrounding the launch of Canary Capital’s spot XRP ETF in the US. The token surged to nearly $2.60 on November 11 as investors anticipated the fund’s debut, but the price headed south when trading began on November 13 in what appears to be a classic ‘sell-the-news’ event. According to CoinGecko data, XRP is currently worth around $2.28, representing a 9% decline on a 24-hour scale and a significant retreat from the all-time high of $3.65 reached this summer.

The broader crypto market pullback has compounded XRP’s challenges, with Bitcoin tumbling well below $100,000 and Ethereum plunging to approximately $3,100. Adding to the selling pressure, whales have offloaded substantial amounts of XRP tokens over the past month. Despite the current downturn, some analysts remain optimistic about XRP’s prospects. X user Levi recently suggested that XRP has formed a ‘cup and handle’ setup on its chart, which could potentially signal a major rally to $5 by the end of 2025, though current market conditions suggest continued near-term pressure.

Dogecoin, the largest meme coin by market capitalization, finds itself deep in red territory with its valuation sinking by 8% for the day to $0.16. This correction occurs despite increased whale activity that would typically signal underlying strength. Over the past 14 days, large Dogecoin investors have scooped up 4.72 billion tokens, increasing their total holdings to 32.4 billion DOGE, representing approximately 21% of the coin’s circulating supply.

Such substantial accumulations by whales typically influence smaller players to join the ecosystem and can have a positive effect on price over time. The strategy reduces the amount of DOGE available on the open market, which, when combined with steady or rising demand, can trigger significant price appreciation. However, the current market-wide correction has overwhelmed these typically bullish signals, leaving DOGE traders watching for signs of stabilization before the whale accumulation can translate into meaningful price recovery.

Shiba Inu, which remains far from its glory days despite ongoing development efforts, recently teamed up with the blockchain-based mobile edge network Unity Nodes to unlock ‘real-world utility.’ The partnership enables users to purchase Nodes with SHIB, earn rewards, and receive specific bonuses when paying with the token. The SHIB Army reacted to the news with solid excitement, but the meme coin failed to post any significant gains as a result.

As of the latest data, SHIB trades at roughly $0.000009119, representing a 2% decline on a weekly scale. The token’s inability to capitalize on positive partnership news reflects broader market weakness and specific challenges within the Shiba Inu ecosystem. Low Shibarium activity and a recent shift from self-custody methods to centralized exchanges suggest that Shiba Inu may suffer further losses in the short term, despite the project’s continued efforts to build utility beyond its meme coin origins.

The simultaneous struggles of XRP, Dogecoin, and Shiba Inu reflect broader challenges across the cryptocurrency market. Bitcoin’s decline below $100,000 and Ethereum’s drop to approximately $3,100 have created headwinds for all digital assets, with altcoins typically experiencing amplified volatility during market corrections. The current environment demonstrates how even positive fundamental developments—such as ETF launches, whale accumulation, and utility partnerships—can struggle to overcome broader market sentiment.

For traders and investors, the current market conditions highlight the importance of monitoring both project-specific developments and broader market trends. While XRP faces post-ETF selling pressure, Dogecoin contends with whale accumulation failing to support prices, and Shiba Inu struggles to translate partnerships into price appreciation, all three assets remain subject to the dominant market narrative driven by Bitcoin and Ethereum’s performance. Until the broader crypto market stabilizes, even the most promising altcoin developments may struggle to generate sustained bullish momentum.