The cryptocurrency market is currently navigating a period of significant turbulence, with Bitcoin trading around $102,800 after a notable dip to $100,700 overnight. This $100,000 zone has proven to be a crucial support level following a two-week downtrend that erased nearly $20,000 from its recent highs. The broader market experienced substantial liquidations, totaling $305 million across various assets, according to CoinGlass data. Ethereum (ETH) was a primary driver of these liquidations, with $86.5 million in leveraged positions wiped out in 24 hours, followed by Bitcoin (BTC) losses amounting to $61.6 million. Interestingly, short positions constituted 60% of the total damage, indicating a complex market dynamic where both bulls and bears have faced significant pressure.

Despite the recent hits to bearish positions, the overall market sentiment remains uncertain, heavily influenced by the prevailing macro-economic background. Notably, the Federal Reserve's potential return to money expansion policies adds a layer of conjecture to the current market environment. Billionaire investor Ray Dalio, founder of Bridgewater Associates, has publicly reaffirmed Bitcoin's role as a global safe haven, akin to gold. Dalio warned that the Fed's shift from quantitative tightening (QT) to quantitative easing (QE) signals the beginning of another debt-monetization cycle. He highlighted that an expanding central bank balance sheet has historically correlated with strong rallies in limited-supply assets like gold and Bitcoin. Dalio described the current scenario as "QE in the middle of a bubble," driven by high deficits, political cycles, and falling real yields, pushing investors towards "hard stores of value immune to dilution" in a "flight to scarcity."

In other significant developments, Ripple has confirmed a strategic partnership with Mastercard, marking a new milestone in its enterprise expansion efforts. In collaboration with Mastercard and Gemini, Ripple will pilot RLUSD stablecoin payments over the XRP Ledger (XRPL) for credit card settlements. WebBank, the issuer behind Gemini's credit card, is participating in this test, making it one of the first regulated U.S. banks to process card transactions using a public blockchain and stablecoin. This announcement closely followed the revelation that Ripple's valuation has reached approximately $40 billion, after securing a $500 million strategic funding round backed by top-tier funds. Despite renewed IPO rumors, Ripple President Monica Long stated that the company is in a "fortunate position" to self-fund its expansion and has no immediate plans to go public. This Mastercard partnership effectively reintroduces Ripple to the American financial mainstream under a fully compliant, tokenized settlement model.

However, the XRP ecosystem faces its own set of challenges, as CryptoQuant analysts have raised a red flag concerning abnormal activity on the XRP Ledger's decentralized exchange (DEX). The DEX registered a record 954,000 daily transactions, the highest in months. Historically, such spikes in on-chain trades have often coincided with XRP price drops, creating a bearish divergence between user activity and market price. This pattern, observed since early October, saw XRP's price slip from $3 to $2.30, even touching $2 this week, despite increased transaction counts. Analysts suggest this behavior likely reflects portfolio rebalancing and mass selling by large holders and traders closing positions, rather than organic trading growth, consistent with a liquidity-driven flush. CryptoQuant warns that the downside may not be over, with network activity pointing to continued distribution pressure unless XRP can hold above $1.90. This current divergence resembles previous pre-dump phases rather than a recovery setup.

Looking ahead, the crypto market remains highly reactive to macro rhetoric and liquidity fluctuations. While Ripple's institutional partnership provides a glimmer of optimism regarding institutional adoption, the on-chain data and liquidation metrics confirm that speculative pressures have not fully dissipated. Bitcoin (BTC) currently holds near $102,900, with key support at $100,000 and extended support at $93,500; a break below could open a path toward $87,000. Resistance for BTC is clustered between $108,000 and $112,000. Ethereum (ETH) is trading near $3,400, remaining vulnerable after recent liquidations, with support at $3,300 and a floor at $3,000, while resistance is at $3,700. XRP, currently around $2.30, saw a short-term rebound from $2.0, but the DEX divergence and CryptoQuant data continue to suggest downside risk toward $1.90.