Since the beginning of this month, the global cryptocurrency market has shed over $180 billion, reducing its total valuation to $2.64 Ethereum, and XRP are exhibiting signs of additional losses as the market slump persists. But how much further could these assets decline if the current selling pressure continues?
Bitcoin Could Fall Toward $60K
On 5 November, Bitcoin dropped below $75,000 after reaching a high of $81,000, following the release of the US Initial Jobless Claims report, which unexpectedly came in at 189,000 against a forecast of 197,000.
Meanwhile, well-known crypto analyst Ali Martinez noted that if Bitcoin loses its current support, the decline could extend toward the lower boundary of the channel near $60,000. This would constitute a 20% decrease from current levels and would return Bitcoin to a price zone where buyers have previously entered the market.
Ethereum Faces a Breakdown Toward $1,963
Ethereum is displaying a weaker technical setup than Bitcoin after slipping below the $2,385 support level on its daily chart. The chart indicates that ETH has exited a right-angled ascending broadening pattern, suggesting that the previous market structure has weakened.
With $2,385 now serving as a critical resistance level, persistent selling could drive Ethereum toward the next major support point near $1,963.
This move would represent another notable decline from its current price of approximately $2,245.
XRP Could Test the $0.99 Level
XRP is also facing sustained pressure after dropping below $1.61 and breaking through the midpoint of its trading channel. The three-day chart shows XRP retreating from above $1.40 toward $1.18, with $1.29 now functioning as a significant level.
If sellers maintain their dominance and the token fails to stage a recovery, the lower boundary of the channel near $0.99 becomes the next primary support.
This level is particularly significant because XRP has previously attracted strong buying interest in the vicinity of $0.99.
