Bitcoin has been experiencing sharp price fluctuations, testing key support and resistance levels. On January 7th, 2025, it dropped significantly from 103,000 to nearly 95,000 during the early Asian session. This movement aligns with the previously discussed Head & Shoulders pattern, suggesting the potential start of a larger Wave 3 correction. Meanwhile, XRP investors are selling off approximately $1.6 billion worth of tokens amid a six-week market stagnation.
Despite the price inactivity, long-term XRP holders are providing crucial support against further declines. This profit-taking activity, particularly prominent during prolonged consolidation phases, often leads to increased selling pressure and limited upward movement. The overall cryptocurrency market also faced a setback on Tuesday, losing over 6.2% in 24 hours due to strong US economic data that fueled speculation about tighter monetary policy. This negative sentiment, coupled with President-elect Trump's controversial statements about geopolitical matters, further impacted risk assets like Bitcoin.
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XRP Battles to Hold $2 as Crypto Market DipsXRP faces bearish pressure as the broader crypto market slides, with its price down 4.7% in the last 24 hours. The cryptocurrency is struggling to maintain the psychologically important $2 level as selling pressure mounts. While XRP has managed to hold above $2, the battle is becoming increasingly difficult. If it falls below this level, further declines to the next support at $1 could occur.
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