Daily Crypto Signals: Bitcoin Tests $96K While XRP ETF Momentum Builds
Bitcoin struggles to maintain momentum above $96,000 while XRP gains attention as MEMX exchange files to list 21Shares’ spot XRP ETF. The crypto market shows mixed signals as Solana faces pressure from mounting memecoin scandals and significant token unlocks.
High Volatility in the Crypto Market
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As Bitcoin ETPs recorded their first significant outflows of 2025, reaching $415 million last week, the bitcoin market is showing increasing volatility. Macroeconomic worries stemming from Federal Reserve Chair Jerome Powell’s cautions on interest rate decreases and above-expected US inflation data drove the selloff mostly. Concurrent with this change in institutional interest is twelve US states’ combined $330 million worth of shares in Strategy (previously MicroStrategy) held via their pension funds and treasuries.
Bitcoin Struggles at $96,000
After repeated disappointments to find a closing above $98,500, Bitcoin BTC/USD traders are displaying hesitation to buy declines. With support levels rising between $95,000 and $92,000 and several “death crosses” showing on the daily chart, the top cryptocurrency confronts technical challenges. Notwithstanding the technological flaw, institutional interest is still somewhat significant; California’s teacher retirement fund holds the biggest Strategy investment, valued at around $83 million.
Ethereum Touches 2-Week High
With a 7% intraday gain, Ethereum ETH/USD momentarily rose to a two-week high of $2,850 on February 17, but swiftly corrected. The implementation of a new memecoin protocol produced network congestion that resulted in a brief price increase driving transaction prices ranging from $0.70 to $70. The market expects major network upgrades, including the “Pectra” upgrade meant to increase scalability and lower friction for wallets and DApps, therefore the rise proved unsustainable.
MEMX Files to List XRP ETF
MEMX exchange filings with the SEC to list 21Shares’ XRP ETF as a “Commodity-Based Trust,” have brightened XRP’s institutional adoption prospects. Following Cboe BZX’s recent listing of four spot XRP ETFs—including the 21Shares Core XRP Trust—this evolution tracks The action draws attention to the shifting regulatory environment under the incoming government since XRP XRP/USD shows significant inflows in crypto ETPs even in face of more general market volatility.
Solana Experiences Sell Pressure
Solana SOL/USD is under rising pressure as traders move toward a possible drawdown in front of developing memecoin scandals. The approaching token unlocking event on March 1, which will release 11.2 million SOL tokens valued around $2 billion, aggravates the difficulties of the network. From 4:1 to 2.5:1, the long-to– short ratio in futures markets has dropped, suggesting mounting pessimistic attitude. Some analysts contend, however, that the present daily trading volume of the market—$3.6 billion—could be able to handle the selling pressure.
Solana (SOL) has weakened to $177.74 after breaking below the crucial $187 support level, suggesting bears maintain control of the market. A strong defense of the $175 support level is critical for bulls to prevent further decline to $155, though a recovery above the 20-day EMA at $202 could signal a trend reversal.
Top Altcoins to Watch Today
- BNB BNB/USD: Binance Coin (BNB) is showing strength at $665 as it finds consistent support at the 20-day EMA ($650), indicating a shift in sentiment from selling to buying on dips. The token could potentially rally to $745 if buyers successfully push the price above the 50-day SMA ($672), with further upside targets at $794 and $855.
- Dogecoin DOGE/USD: Dogecoin (DOGE) faces selling pressure at $0.2579 after being rejected at the 20-day EMA ($0.27), pushing the price toward the support line of its descending channel. Bulls will need to overcome the 20-day EMA to trigger a recovery toward the 50-day SMA at $0.32, while failure to hold current levels could lead to a decline toward $0.20.
- Cardano ADA/USD Cardano (ADA) shows promising momentum at $0.7955 as it trades above the 20-day EMA ($0.80), suggesting bulls are attempting to regain control. The next significant hurdle lies at the 50-day SMA ($0.91), where a successful breakthrough could lead to a test of the descending channel’s resistance line.
- Chainlink LINK/USD: Chainlink (LINK) is engaged in a critical battle at $18.99 near the breakdown level of $19.25, with bulls and bears competing for market control. A successful push above the 20-day EMA ($20.03) could trigger a rally toward the 50-day SMA at $21.73 and beyond to $24.50, while failure to hold current levels might result in a decline to the crucial support at $15.40.
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