Bitcoin, Ethereum, XRP Slide Despite US-Japan Trade Deal

Cryptocurrency markets are down on Wednesday morning, despite President Trump’s trade deal with Japan expected to have a positive effect on equities.

Cryptocurrency	Ticker	Price
Bitcoin	BTC/USD	$117,943.47
Ethereum	ETH/USD	$3,646.37
Solana	SOL/USD	$196.64
XRP	XRP/USD	$3.44
Dogecoin	DOGE/USD	$0.2546
Shiba Inu	SHIB/USD	$0.00001474

Notable Statistics:

• IntoTheBlock data shows Bitcoin and Ethereum large transaction increased by 121.9% and 60.7%, respectively. Daily active addresses grew 14.7% and 11.1%, respectively.
• Coinglass data shows 104,769 traders were liquidated in the past 24 hours for $267.08 million.
• SoSoValue data shows net outflows of $67.9 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net inflows of $533.9 million.

Trader Notes: Bitcoin continues to hold strong above its recent bullish flag breakout, with trader CryptoBusy noting that last week’s momentum confirms a bullish structure.

As long as BTC holds above $112,000, the move toward $140,000 remains on track.

All eyes on the next leg up for $BTC!

Bitcoin is holding strong above the bullish flag breakout.

Last week's move was validated with clean structure and sustained momentum.

As long as $112K holds, the measured target near $140K remains in play.

DYOR pic.twitter.com/8DX4kYhe3u

— CryptoBusy (@CryptoBusy) July 23, 2025

However, not everyone is convinced.

Michael van de Poppe warns that this could be another liquidity sweep, not a real breakout, suggesting a potential retest of range lows.

He also highlights gold's strength, which could signal upcoming altcoin weakness.

For Ethereum, van de Poppe sees a bearish divergence after its recent $1,200 rally.

ETH is now printing a lower high; it must reclaim $3,800 to resume upside. Otherwise, a pullback to $3,400 is likely.

Crypto chart analyst Ali Martinez reports XRP has broken out of a bullish flag and is now eyeing the $15 mark. A weekly chart shows a strong broader breakout structure that supports this upward move.

$XRP has broken out of a bullish flag, setting its sights on $15! Zoom out on the weekly chart and you'll spot it. pic.twitter.com/DXVp6G18os

— Ali (@ali_charts) July 22, 2025

More Crypto Online noted Solana may be in a wave 4 correction, with critical support between $189 and $197.76.

If this zone fails, the larger wave 4 structure may unfold further, with $160 as the key to maintaining bullish momentum.

GalaxyBTC draws attention to Dogecoin, which seems to be mirroring its October 2024 setup, when it spiked from $0.10 to $0.40 in weeks.

If history repeats, another explosive DOGE rally could be around the corner.

Read Next:

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