Crypto Crash: $1T Wiped as Bitcoin, Ethereum, XRP Plunge

The cryptocurrency market has been experiencing a significant downturn, with top tokens such as Bitcoin, Ethereum, and XRP plunging below their important support levels. The market capitalization has dropped by over $1 trillion in the past 24 hours, indicating a strong bearish sentiment. The Bitcoin price has fallen below $95,000, while Ethereum and XRP have broken their crucial support trendlines.

Bitcoin's price has dropped by over 3% in the past 24 hours, with a trading volume of $106.063 billion. The Moving Average Convergence Divergence (MACD) indicator shows a rising red histogram in the daily time frame, suggesting a bearish outlook. If the bulls regain momentum, the price of Bitcoin could retest its milestone price of $100k this week. Conversely, if the bearish sentiment intensifies, this could pull the price of BTC toward its low of $90,000.

The Ethereum price has plunged by 15.44% in the past 24 hours, with a trading volume of $91.47 billion. The Relative Strength Index (RSI) has failed to surpass its neutral point, resulting in it plunging toward its oversold range in the daily time frame. Maintaining the price above its important support level of $2,530 could push the price of Ethereum toward its upper high of $3,200. On the contrary, if the bears outrun the bulls, this could pull the ETH coin price toward its low of $2,200.

The XRP price has recorded a similar price action, losing over 15% in the past 24 hours. The EMA 50/200-day displays a negative outlook in the daily time frame, suggesting a bearish sentiment. If the market favors the bulls, the XRP price will retest its high of $3 this week. However, a sustained bearish action could pull the price of Ripple token toward its low of $2.

The ETH/BTC ratio has neared a critical level, which could have significant implications for the cryptocurrency market. A change in this ratio could indicate a shift in the market dynamics, potentially leading to a strong rebound in the XRP price. However, the bearish influence