The ongoing trade and tariff wars, particularly with China, are causing bearish sentiment in the market. Both the stock market and crypto assets like Bitcoin are showing significant declines. This week, Bitcoin ETFs saw massive outflows.
On Monday, over $500 million left, followed by a staggering $11 billion outflow on Tuesday, the largest in history. Wednesday saw another record with $754 million leaving the Bitcoin ETFs, particularly affecting the BlackRock Bitcoin ETF. In response to the outflows, BlackRock had to sell a record amount of Bitcoin on Wednesday to fulfill the withdrawal requests, marking the largest single-day Bitcoin sale for the ETF provider.
As for Bitcoin price, the largest cryptocurrency has dipped below $80,000 and most altcoins have followed suit. XRP is down by more than 9% and is dangerously close to dropping below the $2 mark. Over the last 24 hours, XRP has confirmed a daily candle close below a crucial support zone between $2.25 and $2.30. According to analyst Josh of Crypto World, this area has previously shown multiple bounces, making it a key level for traders. With this break, the next significant support lies between $1.95 and $2.
Next Major Support at $2
If the price drops below the $2 level, specifically under $1.95 or $1.90, it could signal more major losses for XRP. This would likely lead to much lower price levels in the near future.
Current Bearish Trend
XRP is currently in a bearish trend, marked by breaking below support levels, rejecting resistance, and forming lower highs and lows. This bearish price action suggests further downward movement in the short term.
Bitcoin and Stock Market Impact
As often seen with major altcoins, XRP’s price action tends to mirror Bitcoin and the broader stock market. With Bitcoin and stocks showing weakness, many altcoins, including XRP, are also experiencing downward pressure.
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