Crypto Crash: XRP Drops Below $2, Bitcoin Ends Weakest Bull Market
1min read XRP, Bitcoin, and Ethereum, three of the world's leading cryptocurrencies, have experienced significant price movements in recent days, with XRP falling below the $2 mark, Bitcoin ending its weakest bull market since its creation, and Ethereum clinging to the $2,000 support level.
XRP, the native cryptocurrency of the Ripple network, has plummeted below the crucial $2.00 mark for the second time this month. Currently trading at $2.02, XRP has witnessed a nearly 7% decline over the past day due to increased selling pressure and heightened volatility. This most recent decline could be an instance of XRP filling the gap in its price action, which often occurs when an asset returns to prior support areas before making another move. However, the steep decline suggests a more aggressive selling event rather than a gradual retracement. After failing to maintain its hold above important moving averages such as the 50-day EMA, XRP broke below $2.00. The market's general pessimism has accelerated XRP's decline, bringing it closer to its next significant support level of $1.79. Should XRP swiftly recover $2.20, this decline might be interpreted as a brief sweep of liquidity, opening the door for a possible recovery back toward $2.50. However, XRP may experience more losses if the bearish trend persists before a significant recovery occurs.
Bitcoin, the world's largest cryptocurrency by market capitalization, has officially ended what is now regarded as the weakest bull market in its history with its recent collapse. Concerns about a prolonged bearish cycle have been raised by Bitcoin's decline below its 200-day EMA, loss of the crucial $80,000 support level, and erasure of a sizable amount of its prior gains. Bitcoin fell 6.46% in a single day to $79,168, which is significantly below its long-term moving averages. The breach of the 200-day EMA is an important bearish signal, and the market sentiment has drastically changed since it was lost, with many people now fearing that the worst is still to come. The rapid decline in Bitcoin points to a shift in momentum toward a longer correction and surrender from overly leveraged positions. Further downward movement is anticipated if Bitcoin is unable to recover the
