The broader market downturn since the beginning of February has affected XRP’s price. The fourth largest crypto by market capitalization has lost 10% of its value over the past week and now trades at $2.30.

This decline has intensified bearish sentiment, leading XRP futures traders to increase their short positions against any potential recovery. 

XRP Faces Strong Selling Pressure as Bearish Sentiment Deepens

XRP’s persistent price dip has strengthened the bearish bias against it by its future traders. On-chain data reflects the pessimism as XRP’s long/short ratio indicates that more traders are betting on further downside rather than a rebound this week. As of this writing, this ratio stands at 0.99.

An asset’s long/short ratio compares the number of long positions (bets that the price will rise) to short positions (bets that the price will fall) in the market. When the ratio is above 1, there are more long than short positions, indicating that more traders are betting on a price increase.

Converesly, as in XRP’s case, a ratio below one suggests that traders are largely betting on a price decline. This signals a strong bearish sentiment in the market, reinforcing the likelihood of further downside.

In addition, XRP’s negative weighted sentiment confirms this bearish bias. At press time, this metric is below zero at -0.66. 

An asset’s weighted sentiment measures its overall positive or negative bias, considering both the volume of social media mentions and the sentiment expressed in those mentions. When it is negative, as in the case of XRP, it is a bearish signal.

It suggests that XRP investors are increasingly skeptical about its near-term outlook, prompting them to trade less and worsening the price dip. 

XRP Teeters on Key Support

Since reaching an all-time high of $3.40 on January 16, XRP has traded within a descending triangle. This bearish pattern is formed when an asset’s price creates lower highs while maintaining a strong support level, resulting in a downward-sloping trendline that converges with a horizontal base. 

The pattern indicates that sellers are gaining control, and a breakdown below support could lead to further declines. At press time, XRP trades at $2.30, slightly above this support formed at $2.27.

If this line breaks, XRP’s price could drop to $2.13. If selling pressure gains momentum at this level, the token’s value could further dip toward $1.47.

On the flip side, if market sentiment becomes bullish, it would drive up XRP’s demand and could cause its price to break above the descending triangle to reach $2.81.

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Key takeaways

• BTC dipped to the $86k level for the first time since November 2024.
• The Bitcoin Pepe presale has surpassed $3.5m as investors eye stage six.

Bitcoin falls to a three-month low as total crypto market cap dips below $3T

The cryptocurrency market has been bearish since the start of the week. Bitcoin is down by nearly 4% in the last 24 hours and briefly touched the $86k level on Tuesday. The dip was BTC’s lowest level in three months as the broader crypto market experienced a massive sell-off.

At press time, the price of Bitcoin stands at $88,752 and could continue with its recovery if the bulls regain control. The total cryptocurrency market cap also dropped below $3 trillion as Ether and other altcoins underperformed. 

What is Bitcoin Pepe?

Bitcoin and other major cryptocurrencies have been underperforming over the last few days. However, investors could consider the dip as an opportunity to purchase more tokens before a possible market recovery. 

Investors also continue to push funds into new and exciting projects. Bitcoin Pepe is one of the projects gaining ground in its presale thanks to its unique value proposition to investors. 

Bitcoin Pepe is a project seeking to leverage the liquidity and security of the Bitcoin blockchain. The project will use Bitcoin’s position in the market to introduce memecoins to its ecosystem. 

According to the official website, Bitcoin Pepe is a layer-2 network building on the Bitcoin blockchain. This project is a meme-specialized layer-2 solution built on top of Bitcoin, bringing Solana-style scalability to the Bitcoin network.

The layer-2 network will enable Bitcoin Pepe to become home to all memecoin trading and move all this economic activity to the BTC ecosystem. It will unlock decentralized finance (DeFi) and meme trading on top of BTC.

Bitcoin Pepe is also the first-ever meme initial coin offering (ICO) on the Bitcoin blockchain, making it the perfect fusion between BTC’s security and the unstoppable force of memecoins. 

The project will make it easy for BTC Maxis to trade memes. Combining high levels of trust (BTC) with high levels of performance (SOL) will lead to high levels of retail mass adoption.

Bitcoin Pepe presale to enter stage six, raises over $3.5m

The Bitcoin Pepe presale is two weeks old and has raised over $3.5 million so far. The presale will enter the sixth stage in the coming hours or days, with the $BPEP price set to slightly increase. 

$BPEP, Bitcoin Pepe’s native token, can be purchased using various cryptocurrencies, including ETH, USDT, USDC, BNB, and SOL. In this fifth presale stage, $BPEP is going for $0.0255 and is set to increase to $0.0268 in the next stage. The Bitcoin Pepe presale could be an opportunity to purchase $BPEP at a discount. 

Will Bitcoin Pepe improve the Bitcoin ecosystem?

Bitcoin Pepe will unveil products and services that would make memecoins available on the Bitcoin blockchain. While Bitcoin is the leading cryptocurrency in the world, its blockchain isn’t as versatile as Ethereum or Solana.

This project wants to change this narrative by introducing new utilities to the Bitcoin blockchain. With Bitcoin Pepe, memecoins can launch on the Bitcoin blockchain with ease. Introducing memecoins on the Bitcoin blockchain will enable it to become home to a crazy high-octane meme experience. 

Bitcoin Pepe is set to unlock $2 trillion in dormant BTC capital and make it available for memecoin trading. This layer-2 network will provide the necessary infrastructure for all memes to migrate to BTC, ensuring security and liquidity for investors and users. Its native $BPEP token will power several activities within the Bitcoin Pepe L2 network. 

Should you buy the $BPEP token ahead of the sixth presale stage?

The Bitcoin Pepe presale is heading into its sixth stage in the coming hours or days, with the token price set to increase slightly. This could be an excellent opportunity to get in on the project as presales allow investors to gain early exposure to projects. 

Bitcoin Pepe is working hard to become the leading L2 network on the Bitcoin blockchain, offering users security and liquidity. By ushering in the era of memecoins, Bitcoin Pepe could become one of the most important projects within the Bitcoin ecosystem. The presale allows investors to purchase its native token at a discount before it goes live on trading platforms.