The crypto market is witnessing one of its steepest declines in recent months, drawing comparisons to the infamous Covid crash of March 2020. Nearly $19 billion has been wiped off the global market in just 24 hours, with total capitalization now sitting at $3.73 trillion, down 9.93%.
Bitcoin (BTC) dropped 7.43% over the last day, currently trading near $112,517, while Ethereum (ETH) is down 12.93% to $3,799. Solana (SOL) was hit even harder, losing 17.45% to trade near $182.59.
Every altcoin has plunged, liquidating thousands of leveraged long positions in hours. Analysts have already begun comparing today’s crash to the early days of the pandemic market panic in 2020, when altcoins collapsed by more than 70% before a historic rebound.
Crypto analyst Ash Crypto commented that today’s situation feels “exactly like March 2020—when everyone thought it was over.” He said that after that crash, Bitcoin surged from $3,800 to $69,000, while Ethereum jumped from $90 to $4,800, and altcoins gained between 25x and 100x during the next bull cycle.
Among the top altcoins, XRP has been one of the most volatile. The token fell 14.53% in the past 24 hours to $2.41, with trading volume surging above $19.5 billion as panic selling intensified.
According to technical analysts, XRP’s current structure mirrors a bearish setup that has been developing since July. The token has been forming lower highs and lower lows, suggesting a potential continuation to the downside.
The token broke below a very important area of support around $2.70, which has held for months. The next target could be $2.40–$2.50, or even as low as $2.00 in the coming weeks.
This critical support region has served as a base since early August, bouncing XRP multiple times. However, the current sell-off appears to be stronger than previous pullbacks, confirming a descending triangle pattern that may trigger deeper declines.
XRP’s daily and weekly charts are now deeply oversold, and historically, such conditions have preceded strong recoveries once selling pressure eases.
If history repeats itself, the “Covid-style” sell-off could set up the next major accumulation phase before a new bull leg. The analyst said that this is XRP’s last chance to regain the $2.70 level. Failure to do so could drag the price closer to $2.00.
Whether XRP follows the 2020 script again depends on its ability to hold above key support levels and whether Bitcoin stabilizes in the coming days.
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