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Crypto Market Crash: Dogecoin and XRP Plunge as Investors Fear a Massive Sell-Off!

Published by
Mustafa Mulla

Global crypto market cap has seen a sudden drop in value, falling from $2.32 trillion to $2.29 trillion reflecting a drop of 1.58% overnight. This comes after Bitcoin ETFs in the U.S. experienced their first outflow in seven days, with Bitcoin’s price holding around $66.5K. 

Meanwhile, among the biggest losers, Dogecoin (DOGE) and XRP (XRP) were at the top, with DOGE dropping by 5% and XRP falling by 10%. This decline has made investors worried, raising fears that these coins might experience a big crash soon.

Dogecoin Key Level To Watch

Dogecoin (Doge) price has dropped nearly 5% in the past week, and there has been a slowdown in whale transactions over the last two days. However, data from IntoTheBlock hints that a slowdown in whale transactions can hint at a possible price decline for Dogecoin.

Recently, Doge broke out of a long downward trend and reached a high of $0.1364. However, this spike in price may lead to a correction soon. Experts predict that Dogecoin could drop about 11.79%, bringing the price down to around $0.1171. 

The key support level to watch is $0.1139, which will be important if the price continues to fall.

XRP Struggles Continues

Another cryptocurrency that faced a major loss is XRP, which has seen a decline of nearly 10.35% in the past month. Adding to the concerns, the percentage of XRP coins in profit has dropped from 79% on October 21 to just 74% by October 23. 

This decline indicates that more investors are experiencing losses, leading many to sell their XRP to avoid further issues.

Eventually, the 7-day Liquidation Map from Coinglass shows that traders have opened $76 million in short positions compared to only $34 million in long positions. This trend suggests that market sentiment is turning negative for XRP as more traders bet against its price.

Mid-Cap Tokens Face Heavy Losses

However, mid-cap and low-cap tokens are not faring well either. Smaller tokens like Bonk (BONK) and APE have seen significant losses, each dropping more than 7%.

However, the slowdown in stablecoin issuances is also adding to the struggles for Bitcoin and other cryptocurrencies, causing uncertainty in the market.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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