XRP, ETH, SOL Plunge as Crypto Market Bleeds Out

Ripple’s XRP finds itself in a particularly vulnerable position, trading at approximately $2.21 as of the latest data. This represents a concerning 9% drop on a daily scale and a substantial 21% plunge over the past week. The token’s journey has been turbulent since crashing below $2 during the October 11 market collapse, with bulls managing only a temporary recovery that pushed the price above $2.60 on October 14 before bears regained control.

Analysts are sounding alarms about XRP’s immediate future. Popular X user Lark Davis has identified $2.80 as a critical resistance level, arguing that XRP needs to register a weekly close above this threshold to avoid tumbling well below $2. The broader market sentiment appears to support this cautious outlook, with CRYPTOWZRD suggesting that Ripple’s native token could post further losses if Bitcoin continues its decline from current levels around $105,000.

Despite the prevailing bearish sentiment, some XRP perma bulls are circulating news about Ripple’s agreement to acquire software company GTreasury for $1 billion. X Finance Bull and other optimistic voices believe this acquisition could trigger a parabolic price increase for the token to $1,000 and above, though such targets appear highly improbable given current market conditions and the token’s recent performance trajectory.

Ethereum, the second-largest cryptocurrency by market capitalization, has plummeted to nearly $3,700, marking a 14% crash over the past week. The technical outlook appears increasingly concerning, with X user Ali Martinez warning that ETH is on the verge of a bearish Moving Average Convergence Divergence (MACD) crossover on the weekly chart. This technical pattern carries significant weight, as the last occurrence preceded price collapses of 43% and 61% in previous market cycles.

Additional analysis from Ted suggests Ethereum will likely retest the next support region around $3,600, emphasizing that for the asset to regain strength, it needs to reclaim the $4,000 level “really soon.” This sentiment reflects the broader market anxiety about Ethereum’s ability to maintain key support levels amid the ongoing market downturn.

Not all perspectives are uniformly bearish. CryptoRover offers a contrasting view, suggesting that Ethereum’s recent performance resembles Bitcoin’s from mid-2024, which later transpired into a massive rally. This comparison provides some hope for ETH holders that the current weakness might represent a temporary consolidation phase rather than the beginning of a prolonged bear market.

Solana’s SOL token has joined the broader market decline, crashing by 18% on a weekly scale and currently trading under $180. The asset’s descent from earlier weekly levels above $200 has been sharp, though some analysts maintain optimism about its recovery potential. Earlier this week, when SOL was worth over $200, Ali Martinez envisioned a potential rise to $260 if market conditions improved.

The current analyst community appears divided on Solana’s trajectory. Sjuul | AltCryptoGems recently forecasted that “the biggest uptrend in human history” may begin if SOL manages to break the resistance at $210. This optimistic projection contrasts with the token’s current trading position well below this critical level, highlighting the tension between technical potential and current market reality.

The broader cryptocurrency market context remains challenging for all three assets, with Bitcoin’s 5% daily decline to approximately $105,000 creating headwinds for the entire altcoin sector. The interconnected nature of cryptocurrency markets means that recovery for XRP, Ethereum, and Solana likely depends on Bitcoin finding stability and potentially resuming its upward trajectory, though current indicators suggest continued caution may be warranted in the short term.