Why Bitcoin, Ethereum And XRP Prices Are Down Today? (24 Dec)

The crypto market extended losses ahead of Christmas as Bitcoin, Ethereum, and XRP slipped further in value.

The total crypto market capitalization declined 0.64% within 24 hours, to $2.94 trillion. Bitcoin price hovers below $87,000 and Ethereum is below $3,000. XRP is trading below the $2 mark, indicating that it remains weak.

The mood of investors is still in fear as the Crypto Fear & Greed Index is at 29. The majority of big altcoins, such as ADA, SOL, DOGE, and BNB, are forming clusters around the latest lows. 

In the last week, the Crypto market has dropped by 1.63%, which contributes to short-term bearish pressure.

Bitcoin Price Dips as Bearish Pattern Forms

Bitcoin price fell 2% to $87,078, failing to maintain momentum above the $90,000 mark. The present formation is an indication of a bearish pennant that normally indicates additional losses.

Analysts observe that continued selling pressure may drive the price to less than $85,000. A market recovery can however, lead to a retest of the level of $90,000.

In the meantime, U.S. spot Bitcoin ETF registered total net outflows amounted to 142 million. Nevertheless, IBIT fund by BlackRock achieved the largest net inflows of the day at 6 million, the highest of spot Bitcoin ETFs.

Ethereum Price Drops Below Key Support

Ethereum price is trading at $2,932 after a 1% daily decline. The ETH slipped below the $3,000 mark, entering a bearish zone. 

Ether fell below an ascending channel and lost crucial support at $2,980. The closest resistance is at $2,950, and the resistance is more resistant at $3,000.

Failure of the bulls to support the price at the levels of $2,850 could result in even more declines towards the levels of $2,800 or even $2,700. 

ETF records reveal that there are outflows of $95.5 million which indicate declining investor enthusiasm.

ETH was also sold at BlackRock by 25 million. The price action indicates that there is more selling pressure and the entire structure indicates further correction in case the key levels are broken further.

XRP Price Falls as Resistance Halts Rally

XRP price dropped 1.4% over the last 24 hours, falling to $1.86 after failing to break above the $1.90 resistance. 

The rejection caused stop-loss positions, which further increased selling pressure and pulled the token down to the important $2 mark. The overall crypto market was also still wary.

Should the bulls regain control at $1.90, resistance levels such as $1.95, then $2.00, and $2.05 are the next targets. On the other hand, new losses might be incurred in case of another rejection at $1.90. 

The major support is at $1.75, where the previous demand was experienced. XRP is in the stage of consolidation, and it is waiting to be decisively cut in either direction.

Will Bitcoin, Ethereum, And XRP Prices Recover?

Bitcoin, Ethereum, and XRP can only recover on the basis of a wider market feeling and stability in ETF inflows. 

The prices might reverse back in case support zones accumulate, and the risk appetite is in a better position after the holiday. Otherwise, additional corrections are probable in the short term.