Cryptocurrency Market Weekly Report: XRP Ambitions Surpass Ethereum, Dogecoin Bearish Trend Ends, Cardano Ecosystem Rises Rapidly

Market Sentiment: Bulls Weakening, Bears Also Retreating

Wednesday’s market performance remains painful. Bitcoin, after surging past $90,000, has retreated again and is currently consolidating around $91,840; Ethereum has rebounded to $3,150 but remains weak on the weekly chart; XRP is struggling to hold near $2.07, and the overall market is shrouded in a subdued atmosphere.

Data speaks volumes. Over the past 24 hours, the total market liquidation exceeded $200 million, with longs forced to realize losses of over $100 million. Although shorts also lost about $100 million, what does this reflect? Is it that longs are being slaughtered while shorts are not fighting back — indicating a market shift.

Can XRP Surpass Ethereum? Math Provides the Answer

A recent popular statement in the community: by 2026, XRP’s market cap will surpass Ethereum’s. This sounds crazy, but let’s break down the logic behind it.

Currently, Ethereum leads XRP by approximately $237.5 billion in market cap. With circulating supply remaining unchanged, XRP would need to triple its price to catch up — from the current $2.07 to between $5.80 and $6.00. Does that seem unlikely? Maybe.

But the problem is, the timing of this prediction is awkward. XRP has fallen 2.4% this week, and Ethereum hasn’t been doing much better; both are in hibernation. XRP briefly led Ethereum mid-year but has now fallen back to the same level.

However, the core of this statement isn’t about whether the price can rise, but about people starting to discuss “alternatives” rather than “survival.” This shift in expectations alone can change traders’ perception of risk — even if the prediction itself remains uncertain.

Dogecoin Displeased with Your Performance: Signal of Complete Bearish Absence

Today, Dogecoin provided the most bizarre data of the year — in the derivatives market, the 24-hour short liquidation amount precisely hit $0. Not close to zero, but exactly zero.

What does this imply? Shorts have completely exited the market. Either they have all opened short positions, or they believe continuing to short is too risky. In either case, the market’s equilibrium point is changing.

Dogecoin’s price is indeed not optimistic — currently around $0.14, down from $0.30 in September, halving, and this week down another 6.9%. No signs of reversal on the daily chart; every rebound is ruthlessly sold off.

But here’s the interesting part: the shorts are completely gone. This means further declines are no longer driven by derivative short pressure but must rely entirely on spot selling. Given that the entire market has liquidated longs against mainstream pairs, the current situation makes it harder for those wanting to dump. Dogecoin’s “bear market” still seems ongoing, but the shorts’ ammunition has been exhausted.

Cardano Ecosystem Celebration: NIGHT Trading Volume Surges 157%

While mainstream assets struggle, the Cardano ecosystem is putting on a show. The 24-hour trading volume of the NIGHT token reached an astonishing 157.6% of its market cap, with a trading volume of $31.8 million and a market cap of about $1.17 billion. This isn’t passive holding but active trading with capital.

The price trend also reflects this hot atmosphere. NIGHT is currently trading at $0.07, up 7% this week (though it retraced 19% in the past 24 hours due to market volatility). Charts show a previous upward wave followed by a pullback, but trading activity remains high. Over 9.99 million addresses hold this token, with a circulating supply of 16.6 billion.

Interestingly, ADA itself performs modestly, but funds haven’t exited the Cardano ecosystem; instead, they are moving within it — from the main asset to emerging tokens. Whether this short-term speculative force will redirect attention back to ADA itself or is just a rotation within the ecosystem remains to be seen.

Market Outlook: Price Weakness, Narrative Dominance

The current crypto market is neither crashing nor truly recovering but stuck in an awkward state — prices are under pressure, leverage is gradually fading, and market focus is shifting from technicals to narratives.

• Bitcoin (BTC): Hovering around $91,840. As long as it can’t hold above $90,000, any rebound will be seen as a selling point. The upward momentum still needs confirmation.

• Ethereum (ETH): Back at $3,150, but weekly down 0.05%. It needs to stay above $3,000 to stop the bleeding; otherwise, further declines are likely.

• XRP: Although spot ETF has surpassed $1 billion, the price is only holding at $2.07, down 2.4% this week. The disconnect between capital flow and price movement warrants attention.

• Dogecoin (DOGE): Price at $0.14, down 6.9% this week. The bizarre signal of zero short liquidations indicates downward momentum is waning, and a rebound is brewing.

• NIGHT: Around $0.07, despite short-term volatility, trading activity remains high, reflecting liquidity redistribution within the Cardano ecosystem.

The outcome of the market is still undecided, with risks and opportunities coexisting. Until one side gains real momentum, volatility will remain the biggest challenge for traders.