XRP ETFs absorb 80M tokens: Is a new bull trend starting for the altcoin?

The crypto market has turned into an ETF battleground in recent months. From Solana and XRP to HBAR and even Dogecoin, traditional finance has poured billions into newly launched crypto investment products. Yet one large community has been waiting patiently for its turn: Cardano holders. While competitors have already hit U.S. exchanges, an ADA ETF still hasn’t gone live — until now, there may finally be a timeline.

In a recent interview with Thinking Crypto, Frederik Gregaard, CEO of the Cardano Foundation, revealed that the long-awaited ADA product could be closer than many expect. He explained that while the media keeps calling them ETFs, most of the applications filed so far are technically ETPs, products structured like ETFs but backed fully by ADA and traded on regulated markets. 

He confirmed that several major asset managers have applied for ADA listings and said the industry should have “clarity within a month” once U.S. regulators return to normal operations. 

Europe and Asia Are Already Ahead

While the U.S. process drags on, Gregaard reminded viewers that Europe and parts of Asia already host multiple regulated ADA ETPs. These products give institutions exposure to ADA without holding the asset themselves.

The demand, he said, has been steady and growing, adding more pressure on U.S. regulators to push Cardano forward just as they’ve done with other altcoins.

Cardano Summit And More

The CEO also turned attention to Cardano’s rapidly expanding ecosystem ahead of the flagship Cardano Summit in Berlin. This year’s event is expected to attract 800 to 900 attendees, including major companies such as Volvo Cars, Johnson & Johnson, Boston Consulting Group, and other global players exploring blockchain for real-world use cases.

What stands out, Gregaard said, is that Cardano is being adopted in areas far beyond speculation. The foundation recently revealed that more than 100 German companies are already using agentic AI solutions built on Cardano’s infrastructure.

Dogecoin started a steady increase above $0.150 against the US Dollar. DOGE is now consolidating and might correct lower to $0.1480.

• DOGE price started a fresh increase above $0.1450 and $0.150.
• The price is trading above the $0.150 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.1490 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could aim for a fresh increase if it remains stable above $0.1480.

Dogecoin Price Holds Gains

Dogecoin price started a fresh increase after it settled above $0.1420, like Bitcoin and Ethereum. DOGE climbed above the $0.150 resistance to enter a positive zone.

The bulls were able to push the price above $0.1550. A high was formed at $0.1565 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.1330 swing low to the $0.1565 high.

Besides, there is a bullish trend line forming with support at $0.1490 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.150 level and the 100-hourly simple moving average.

If there is another increase, immediate resistance on the upside is near the $0.1565 level. The first major resistance for the bulls could be near the $0.160 level. The next major resistance is near the $0.1620 level. A close above the $0.1620 resistance might send the price toward $0.1685. Any more gains might send the price toward $0.1740. The next major stop for the bulls might be $0.180.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1565 level, it could start a downside correction. Initial support on the downside is near the $0.1510 level. The next major support is near the $0.1480 level and the trend line.

The main support sits at $0.1450 and the 50% Fib retracement level of the upward move from the $0.1330 swing low to the $0.1565 high. If there is a downside break below the $0.1450 support, the price could decline further. In the stated case, the price might slide toward the $0.1380 level or even $0.1330 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1510 and $0.1480.

Major Resistance Levels – $0.1565 and $0.1600.

According to trading records and company filings, Grayscale’s new spot Dogecoin ETF — ticker GDOG — opened quietly, pulling in just $1.4 million in trading volume on its first day on NYSE Arca.

Muted Debut On NYSE Arca

Reports have disclosed that the debut fell well short of some public forecasts. Bloomberg analyst Eric Balchunas had suggested the fund might see roughly $10–12 million in opening-day volume, a target that the actual figures did not meet.

That gap has drawn quick commentary from traders and analysts, who say the launch exposure was smaller than expected for a high-profile first spot product.

Grayscale’s paperwork shows the ETF began life with holdings of about 11 million DOGE and roughly 94,700 shares outstanding, with assets under management reported at roughly $1.7 million at the time the fund started trading.

The sponsor set a management fee of 0.35%, but that charge is being waived — the fund will carry a 0% expense ratio either until it reaches $1 billion in assets or for the first three months, whichever happens first.

Market Shifts To Other Altcoins

Based on reports from market trackers, other recent altcoin ETFs saw stronger early demand, leaving GDOG’s debut looking muted by comparison.

Some XRP and Solana vehicles drew faster inflows during their openings, and that contrast has been used to explain why meme-coin exposure did not attract as much fresh cash on day one.

Traders say that where money goes now may reflect a preference for certain tokens over meme-style names in regulated wrappers. What Investors Are Watching Next

Observers note a few things to watch: whether the fee waiver helps the fund gather assets in the coming weeks, how DOGE’s market price behaves as more products list, and whether competing Dogecoin ETFs — including a product from Bitwise — change the flows.

Some analysts are watching short term creation and redemption activity and the order books around the ETF to judge real demand versus headline interest.

Dogecoin’s spot market showed mild movement after the listing, trading near $0.15 as the ETF opened. That price action suggests traders reacted but did not rush in, and it leaves the question of long-term institutional appetite open.

Based on the data so far, GDOG’s quiet first day is a clear signal that listing alone does not guarantee big capital flows.

The next few weeks — when the fee waiver is still active and competing listings arrive — will be key to see whether the fund can widen its reach or remain a subdued debut in a busy ETF calendar.

Featured image from Gemini, chart from TradingView

Bitcoin (BTC) rallied to $91,950 on Nov. 26 as data shows the market sitting at a key inflection point. Data from Capriole Investments placed Bitcoin’s production cost near $83,873, while the electrical cost, the baseline energy input for mining, sits far lower at $67,099.

Key takeaways:

• Bitcoin is currently trading just above miner production cost as profitability compresses.

• Elevated hashrate and collapsing hash prices are pushing miners toward stress thresholds.

• The dynamic NVT ratio dropped under its low band, historically bullish, but often with one final shakeout.

Bitcoin miner margins tighten as industry faces profitability stress

Currently, the BTC miner price stands at $87,979, leaving miners with a slim 4.9% margin, one of the lowest readings of the cycle. Historically, thin margins have acted as a stabilizing force rather than a stress signal. As profitability narrows, inefficient miners tend to drop off, difficulty adjusts, and the supply pressure from miners cools noticeably.

This often creates the kind of “quiet support” that Bitcoin forms during transition phases between fear-driven selling and longer-term accumulation.

South Korea's Naver and Dunamu plan to invest 10 trillion Korean won ($6.8 billion) in the next five years into building a next-generation financial infrastructure based on the combination of AI and blockchain, according to multiple local news reports. 

Naver is a leading IT conglomerate with $284 billion in market capitalization, while Dunamu is the parent company of Upbit, the largest cryptocurrency exchange in South Korea. On Wednesday, Naver Financial, the group's fintech arm, officially confirmed that it is acquiring Dunamu through a share-swap deal.

Following the merger confirmation, the companies held a joint press conference in Seoul on Thursday, with leaders of Naver, Naver Financial and Dunamu present.

Dunamu President Song Chi-hyung said the three companies will build a system that will "establish a new global framework" that encompasses not only payments and settlements but also the financial sector as a whole, Chosun Ilbo reported.

Choi Soo-yeon, the CEO of Naver, reportedly said that the companies see new opportunities at the "critical juncture" between the popularization of blockchain and the transition to agentic AI.

This merger marks one of the largest tie-ups in South Korea's fintech and crypto sector, combining Naver's AI, commerce capabilities, Naver Financial's payment and financial infrastructure and Dunamu's digital asset trading and blockchain ecosystem.

Stablecoin race

Meanwhile, the companies will also work on launching their own Korean won-pegged stablecoin, Dunamu CEO Oh Kyung-seok said, according to a report from BlockMedia. Earlier this week, local media reported that Naver Financial is launching a stablecoin wallet service for a local project in Busan next month.

South Korea is currently pushing to establish a local currency-pegged stablecoin market, as South Korean President Lee Jae Myung chose the initiative with an aim to protect monetary sovereignty against the dominant U.S. dollar stablecoin market. 

Naver's rival IT giant Kakao has also recently advanced its won-stablecoin initiative to the actual development stage, while recruiting blockchain service backend developers. 

While local giants compete to take the lead in the country's stablecoin market, legislative efforts have stalled. Although several lawmakers have proposed regulatory groundwork for a local stablecoin market, development is complicated by the Bank of Korea's stance insisting that only registered banks be permitted to issue won-stablecoins.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

XRP price started a steady increase above $2.20. The price is now consolidating gains and might aim for another increase if it clears $2.280.

• XRP price started a fresh increase above the $2.220 zone.
• The price is now trading above $2.20 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $2.180 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move up if it clears $2.280.

XRP Price Holds Ground

XRP price started a decent upward move above $2.10 and $2.120, beating Bitcoin and Ethereum. The price gained pace for a clear move above the $2.20 resistance.

The bulls even pumped the price above the $2.220 zone. A high was formed at $2.286 and the price started a short-term downside correction, but ETH and BTC rallied. There was a move below the 23.6% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high.

The price is now trading above $2.20 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $2.180 on the hourly chart of the XRP/USD pair.

If there is a fresh upward move, the price might face resistance near the $2.2650 level. The first major resistance is near the $2.280 level, above which the price could rise and test $2.350. A clear move above the $2.350 resistance might send the price toward the $2.450 resistance. Any more gains might send the price toward the $2.50 resistance. The next major hurdle for the bulls might be near $2.550.

Another Pullback?

If XRP fails to clear the $2.280 resistance zone, it could start a fresh decline. Initial support on the downside is near the $2.180 level and the trend line. The next major support is near the $2.120 level.

If there is a downside break and a close below the $2.120 level, the price might continue to decline toward $2.050 and the 50% Fib retracement level of the upward move from the $1.817 swing low to the $2.286 high. The next major support sits near the $2.00 zone, below which the price could continue lower toward $1.9250.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.180 and $2.050.

Major Resistance Levels – $2.280 and $2.350.