XRP Leads as Bitcoin Struggles to Reclaim $80K

Ripple's XRP token surged nearly 4% to around $1.44 on Wednesday, outperforming major cryptocurrencies as spot exchange-traded funds (ETFs) pulled in about $1.55 million in inflows.

This marked a rare session where XRP products attracted capital while dominant Bitcoin and Ethereum vehicles bled assets. In contrast, Bitcoin struggled to reclaim the $80,000 level it lost after a stronger-than-expected August jobs report.

According to Glassnode data, Bitcoin's spot momentum cooled 30% over the past week, with spot volume remaining flat at $5.3 billion and the cumulative delta narrowing. Open interest in futures rose 1% to $37.1 billion, but long-side funding payments fell 32.8%, suggesting the rebound may be driven by short covering rather than fresh spot demand.

Crypto trader Michaël van de Poppe noted that Bitcoin remains range-bound but has defended an important support area, keeping a potential move toward $82,700 in view. Fellow trader Ted Pillows offered a more cautious read on the rebound, stating 'No spot demand for $BTC right now. Shorts are being closed, which is driving this rally.'

The observation echoed Glassnode data, which suggests the current bounce may be fueled more by short covering than by fresh capital entering the market.