XRP, BTC, ETH, and DOGE prices are experiencing significant declines, with the overall crypto market down 2.71% in the past 24 hours. Bitcoin has fallen below $90K, and Ethereum dropped under $3K, contributing to a broader market downturn.
XRP Price Struggles as Price Dips Below $2
In the last 24 hours, the XRP price crashed by 2% and it has reduced by 15% in the current week, at a lower price of less than $2 in a bearish market. The price of the cryptocurrency is presented in the form of a descending triangle, which is indicative of the risk of a further decrease.
A breakdown of major support lines added to the decline in the recent past, leading to stop-losses and a minor spurt of leveraged sell-side liquidations.
Moreover, the whale action increased with 190 million XRP being sold within the past 48 hours. In the meantime, there is a Bitwise XRP ETF that has been launched, but the situation is unstable in the market.
Bitcoin Price Plunges, Falling Below $90K Amid Market Sell-Off
Bitcoin price dropped 2.24% to $86,858 over the past 24 hours, continuing a 12% weekly decline. The BTC was selling at a low of less than $90k as investor confidence shifted to the negative. Redemptions of Bitcoin ETFs amounted to a sharp decline of $3.3 billion this month, which further contributed to the negative pressure.
Also, the Federal Reserve rate cut in December was in doubt, with the probability being now 33% and this burdened risk assets.
BTC also sent down vital support levels, causing automated selling. The recent better-than-anticipated jobs report in United States sparked a question as to what Fed would do in future.
Ethereum Price Drops Below $3K, What’s Next?
XRP, BTC, ETH, and DOGE have all experienced significant price declines recently. Ethereum price fell by 2%, dipping to $2,809 within 24 hours.
The cryptocurrency has since crossed the most important support areas, and it is moving in a bearish direction. Ethereum had recently passed the mark of $3k after going through liquidity reset. Analysts expect altcoins to explode up next, since past history has had bottoms created following such tendencies.
Will Dogecoin Price Recover Soon?
Dogecoin price is at a lower price point below the $0.15 price support, and it is in a falling market. At present, DOGE fell by 0.54%, and it is currently trading at $0.1579 with market capital of $23.99B.
The downturn is associated with the loss of steam in the meme-coin. In spite of this, 21Shares has introduced a leveraged Dogecoin ETF, which is an important step as FalconX acquisition comes to an end.
What’s Next For XRP, BTC, ETH, and DOGE?
Recent declines in the price of XRP, BTC, ETH, and DOGE are as a result of negative market sentiment and macroeconomic environment. The market has been stressed by liquidations, the activity of whales, and the inflation issues.
The breaking of major support levels caused more selling. Nevertheless, according to the history of past market cycles, a recovery may come.
Source: https://coingape.com/trending/why-are-xrp-btc-eth-and-doge-prices-crashing/
