XRP News Today: Altcoins Plunge as Bitcoin Declines 4.38%

Altcoins began June on a bearish note, as the market sell-off from May continued into the new month. The downward trend persisted, with weekend losses yet to be recovered. This bearish sentiment has led one market participant to re-evaluate his outlook on the anticipated altcoin season, a period when altcoins typically outperform Bitcoin and see significant gains.

Benjamin Cowen, a well-known cryptocurrency analyst and CEO of the analytical tool CryptoVerse, has maintained a bearish stance on altcoins. In a recent post, Cowen expressed his belief that ALT/BTC pairs would face rejection at their bull market support band. He cited historical performance from 2018, noting a downward reversal trend at critical resistance levels. This analysis aligns with the current market conditions, where ALT/BTC pairs have been rejected from the bull market support band, leading to further declines.

Cowen's prediction was supported by market movements on May 31st, when ALT/BTC pairs were rejected from their bull market support band, resulting in lower lows. This rejection has contributed to the overall bearish sentiment in the altcoin market, with leading altcoins such as XRP, SOL, and DOGE experiencing significant losses. XRP, SOL, and DOGE have seen 7-day losses of 7.83%, 12.62%, and 16.32%, respectively, indicating a strong bearish trend.

The bearish sentiment is not limited to altcoins, as Bitcoin, the leading cryptocurrency, has also been in a downtrend over the past week. Despite reaching a new all-time high in May, Bitcoin failed to maintain momentum above the $110,000 price mark. The asset has seen a 4.38% decline over the last seven days, currently trading at $105,870. This decline in Bitcoin's price has further exacerbated the bearish sentiment in the altcoin market, as long positions get liquidated and the bears gain control.