XRP, BTC, ETH, and DOGE Prices Decline Amid Market Turbulence
XRP, BTC, ETH, and DOGE Face Market Challenges
The cryptocurrency market is facing significant challenges as XRP, BTC, ETH, and DOGE prices experience noticeable declines. The overall crypto market fell by 2.71% in the past 24 hours, with Bitcoin dropping below $90,000 and Ethereum falling under $3,000, contributing to a broader market downturn.
XRP Price Dips Below $2
XRP's price has dropped by 2% in the last 24 hours and 15% over the week, now trading below $2. This decline is characterized by a descending triangle pattern, suggesting potential further decreases. The breakdown of major support levels has triggered stop-losses and leveraged sell-side liquidations. In addition, 190 million XRP were sold by whales within the past 48 hours, adding to market instability despite the launch of a Bitwise XRP ETF.
Bitcoin Falls Below $90K Amid Sell-Off
Bitcoin's price decreased by 2.24% to $86,858 in the last 24 hours, continuing a 12% weekly decline. Investor sentiment turned negative as Bitcoin ETFs saw redemptions totaling $3.3 billion this month. The uncertainty surrounding a potential Federal Reserve rate cut in December, now at a 33% probability, has further burdened risk assets. Additionally, better-than-expected U.S. jobs data raises questions about future Fed actions.
Ethereum Drops Below $3K
Ethereum's price fell by 2% to $2,809 within 24 hours, breaking crucial support levels and continuing its bearish trend. Following a liquidity reset, Ethereum recently surpassed the $3,000 mark, and analysts predict that altcoins might surge next, given historical market cycle patterns.
Dogecoin's Recovery Prospects
Dogecoin is trading below the $0.15 support level, with a 0.54% decline, currently at $0.1579 and a market cap of $23.99 billion. Despite a loss of momentum in the meme-coin sector, 21Shares has launched a leveraged Dogecoin ETF, marking a significant development as FalconX concludes its acquisition.
Outlook for XRP, BTC, ETH, and DOGE
The recent price declines in XRP, BTC, ETH, and DOGE are driven by negative market sentiment and macroeconomic factors. Liquidations, whale activity, and inflation concerns have added stress to the market. Breaking major support levels led to further selling, but historical market cycles suggest that a recovery may be possible.