Crypto Crash: Bitcoin, Ethereum, XRP Plunge Below Key Levels

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 has lost over 8% in valuation in 24 hours, with Bitcoin dropping below $95,000, Ethereum and Ripple tokens breaking their important support trendlines.

Peter Schiff, a renowned economist and Bitcoin skeptic, has warned of a "long crypto winter" as the market continues to face bearish sentiment. Schiff has been critical of cryptocurrencies for years, arguing that they lack intrinsic value and are prone to market manipulation.

The recent crash in cryptocurrency prices has raised concerns among investors and institutions, who are closely monitoring the price action of the top 3 cryptocurrencies. The bearish outlook could pull the price of these top cryptos toward their lower target levels.

Bitcoin (BTC) has dropped over 3% in 24 hours, with a trading volume of $106.063 billion. It has also lost 5.61% over the last seven days and has a monthly return of -2%. The Moving Average Convergence Divergence (MACD) shows a rising red histogram in the daily time frame, with its averages recording a similar action. The EMA 50-day is on the verge of experiencing a negative crossover, suggesting a bearish outlook for the BTC price.

Ethereum (ETH) has plunged 15.44% in 24 hours, with a trading volume of $91.47 billion. It has also lost 17.11% in seven days and 28.26% over the past month. The Relative Strength Index (RSI) fails to surpass its neutral point, resulting in it plunging toward its oversold range in the daily time frame. The SMA indicator records a bearish curve, suggesting an increase in the selling-over-buying pressure in the crypto market.

Ripple (XRP) has recorded a similar price action, losing over 15% in 24 hours. The EMA 50/200-day displays a negative outlook in the daily time frame, and the MACD indicator records a significant rise in the red histogram with its average trendline experiencing a similar price action. This indicates that the alt