Despite the year ending, the crypto market has yet to recover from the ongoing crisis. The flagship currency, BTC, is trading below $19k, while ETH has refused to climb above $1300. XRP is still trading below $0.50.
Will Bitcoin’s Price Go Lower?
Signs of a potential downtrend are on the horizon as top cryptos like BTC, ETH, and XRP are witnessing huge price drops. If the three cryptos drop below their current support level, this will trigger a massive sell-off across the entire market.
BTC/USD Prices Chart. Source: TradingView
For Bitcoin, the $19,100 price level has been a major support for the currency in the past two months. By press time, Bitcoin was trading at $18937.00 after dropping by 0.56% in the past 24 hours.
Meanwhile, BTC witnessed a massive removal from exchanges platform in the past four months. Over 40,572 BTC were removed from exchanges. This caused the supply of the coin on exchanges to drop by over 8.48%.
BTC’s price dropping below $19k could lead to a cascading effect. This is due to the high supply barrier at this level.
Further, Ethereum has dipped below price support at $1,300, witnessing a 0.50% fall in the last 24 hours. A report from Santiment noted that Ethereum whales have kept amassing the coin despite market drops.
From September 11th, Ethereum whales addresses with over 1 million Ethereum has added about 3.5 million more tokens.
The latest accumulation has led to a rise of more than 14% in the aggregate bags held by Ether whale addresses. There are presently 132 of these addresses existing.
XRP Still Trading Below $0.5
On October 20th, Ethereum’s price experienced rejection at the $1,300 level. Although the coin has been fighting to cross about $1,300, it is trading at $1,288 by press time. Besides, a drop below $1,280 might cause a huge decline in price.
Meanwhile, Ripple has recorded bullish wins in its lawsuit with the US SEC. Unfortunately, this has failed to reflect in the token’s price. By press time, XRP’s price was trading at $0.44, down by over 2.63% in the past 24 hours.
Since October 10th, XRP has been in a long downtrend. Meanwhile, on-chain analysis reveals a positive outlook for the token. Ripple whales have accumulated over 300 million XRP in the past months.
Unfortunately, technical indicators show that retail volumes are still down. If the coin should drop, the next support levels are at $0.40 and $0.38.
Meanwhile, a fall below $0.38 might extend bearish price movement to the $0.32 price level. However, if bulls should overrun the market, XRP could soar to test resistance at $0.48.