The post Why Bitcoin, Ethereum, and XRP Are Down Today? appeared first on Coinpedia Fintech News
The cryptocurrency market has experienced a strong bearish pullback today dropping 6.73%. Reportedly, the market has experienced liquidations of over $28 billion, making this the highest fall since the U.S. election in 2024. Following this, the Bitcoin price has plunged below the $100k mark, indicating a bearish outlook.
Following in the footsteps, the top 20 cryptocurrencies have all dropped below their important support levels. Considering the present market sentiments, is this a crucial time to hold your investments in the crypto market? Read to find out!
BTC Price Fails To Hold Its Support of $100,000
The Bitcoin price today plunged 5.56% with a 24-hour trading volume of $47.79 billion, a change of +124.74%. With this, the largest cryptocurrency has dropped below the $100,000 mark for the first time since 17th January this month. Moreover, with a dominance of 58.31%, it has a valuation of $1.95 Trillion.
The Relative Strength Index (RSI) has recorded a sharp drop with its average trendline experiencing a bearish convergence. However, with its 50-day EMA acting as a support, the price of BTC token records increased volatility in the market.
If a bullish trend reversal occurs, the Bitcoin price will gain momentum and reclaim its $100k mark. Conversely, if the bears dominate the crypto space, the BTC price could retest its low of $92,000 this week.
To find out answers to questions like “Will BTC price hit $1 Million by 2030?” Read CoinPedia’s Bitcoin Price Prediction!
ETH Price Retests Its Crucial Support of $3,000
The Ethereum price has failed to hold its crucial support level of $3,100, resulting in it recording a correction of 8.31% in 24 hours. With a YTD return of -7.77%, the largest altcoin has constantly failed to gain momentum this year, suggesting a rising disinterest of investors in it.
The Moving Average Convergence Divergence (MACD) shows a neutral price action with its averages recording a similar trend. On the other hand, the SMA indicator displays a negative convergence. This suggests that the price may lose value this week.
If the market favors the bulls, the Ethereum price will retest its immediate resistance level of $3,300. However, a bearish action could pull the price toward a new multi-month low.
Wondering if the ETH price will ever recover? Read Ethereum Price Prediction to explore the possible long-term possibilities!
XRP Price Breaks Its Important Support Trendline Of $3
Amid rising uncertainty, the Ripple price has recorded a double-digit drop. Notably, the XRP coin price has lost 10.08% with a trading volume of $8.850 billion, a surge of ~170% in its daily volumes. Moreover, with a weekly drop of 11.83%, it is valued at $2.8373.
The RSI indicator records a strong rejection around its overbought range. This has resulted in it experiencing a sharp plunge. Moreover, the average trendline records a bearish action, suggesting a negative outlook for the 03rd largest cryptocurrency.
Suppose, a trend reversal occurs, in that case, the Ripple price will surpass its $3 mark and head toward a new 52-week high. On the other hand, rising uncertainty could pull the price of XRP toward its low of $2.50.
Curious to find out the answer to questions like “Will XRP reach $10?” Explore the long-term possibilities with the latest XRP Price Prediction!
FAQs
Amid rising uncertainty, the crypto market has recorded a liquidation of over $650 million in 24 hours.
Considering the present market sentiments, the BTC price could retest a low of $95,000 today.
If the bullish sentiment sustains, the ETH coin price may achieve a new ATH during the second half of the year 2025.
The all-time high of XRP token is $3.84 and was recorded on 04th January 2018.
