Why is the Crypto Market Going Down today? BTC, ETH, & XRP Price Crash

How Much Has the Crypto Market Fallen in the Last 24 Hours?

The crypto market lost 1.90% in 24 hours, pulling the total market cap down to $2.16 trillion. Bitcoin slipped below $63,000, Ethereum dropped below $1,700 and XRP fell to $1.13 as risk assets took a hit worldwide.

As per CoinGlass Data, over 116,947 traders were liquidated in the past 24 hours. Total liquidations hit $451.64 million, with long positions making up $361.09 million of that number.

The biggest single liquidation came from Aster's ETHUSDT contract, worth $10.49 million. Markets were already thin with the US, Chinese, Hong Kong, and Taiwanese markets closed for holidays.

Why Is Crypto Crashing Today and What Is Causing the Sell-Off?

The sell-off is linked to a broader retreat in global markets. Brent crude jumped around 1.50% at the time of writing, near $76.50 per barrel, as shipping through the Strait of Hormuz returned to normal under the US-Iran deal.

Asian equities slipped 0.6% after a five-day rally to record highs. The easing of the supply shock removed a key reason for recent optimism that had briefly lifted crypto prices earlier in the week.

Attention has now moved to nuclear talks, with Vice President JD Vance saying a 60-day clock has started to finalize the Iran deal's details. That added uncertainty is weighing on speculative assets.

Bitcoin Price Prediction Today: Will BTC Hold $62,000 or Drop to $59,000?

Current price: $62,732 | RSI (14): 34.69

Looking at the daily chart, Bitcoin is sitting at a critical level. After breaking out of a descending channel earlier in June, BTC formed a short-term rising support line that it is now testing again.

The chart shows a large parallel channel pattern that defined price action from February through May 2026.

BTC fell out of that structure in early June and has not recovered it. The lower edge of that channel sits near $65,000 to $67,500.

A small rising wedge formed after the June lows near $59,000. BTC has bounced off this structure but now sits at its base.

If this line breaks, the next supports are stacked at $60,000, $57,500, and $55,000, based on the HTF liquidity levels visible on the chart.

Key resistance above sits at $65,000, then $72,500, and $82,500. Bitcoin derivatives data shows open interest fell 1.81% to $45.92 billion. 

Futures volume dropped 13.38% to $65.82 billion. Total BTC liquidations reached $136.56 million, with longs accounting for $120.48 million.

RSI at 34.69 is approaching oversold territory but has not triggered a bounce yet. Traders are watching whether the $59,000 to $60,000 zone from earlier in the month can hold on to any deeper sell-off.

Ethereum Price Prediction: Why Is ETH Dropping and Where Is the Next Support?

Current price: $1,700.73 | RSI (14): 37.87

Ethereum has been one of the hardest-hit assets in this move. ETH dropped from around $2,500 in early May to below $1,600 before staging a partial recovery back to the $1,700 zone.

The chart shows a broken ascending trendline that connected the February and March lows. That support held the price for months but gave way in June when selling accelerated.

A new, shorter rising support line has formed after the June crash near $1,550. ETH is riding the upper edge of this pattern. If price fails here, the next levels to watch are $1,600, $1,500, and $1,400, which are marked as liquidity zones on the chart.

On the upside, $2,000 is the first major resistance, followed by $2,100 and the $2,477 level that has been a ceiling since February.

As per CoinGlass, Ethereum derivatives show trading volume fell 16.13% to $43.07 billion. Open interest declined 2.42% to $23.95 billion. Total ETH liquidations reached $109.44 million, with long positions taking $82.52 million of that figure.

Options open interest edged up 1.18% to $6.02 billion, suggesting some traders are still maintaining longer-term positions.

XRP Price Prediction: How Low Can XRP Go During This Crypto Crash?

Current price: $1.134 | RSI (14): 39.12

XRP has been trading inside a well-defined descending channel since the January 2026 highs near $2.38. The upper band of this channel has acted as resistance multiple times, and the price keeps making lower highs.

The chart shows Fibonacci retracement levels overlaid on the longer-term structure. XRP recently tested the 0.786 level at $1.0237, which lines up with a major horizontal support zone near $1.00. That test produced a bounce, but the recovery has been weak.

Price is currently below the 0.618 level at $1.5886 and well below the 0.382 level at $2.3822. The current position between $1.00 and $1.30 puts XRP in a fragile spot.

If $1.00 breaks, there is limited technical support visible until much lower. On the upside, XRP needs to reclaim $1.30 to show any short-term strength, followed by $1.60.

XRP derivatives show trading volume fell 6.08% to $2.67 billion. Open interest dropped 2.82% to $2.60 billion. Liquidations totaled $6.75 million, with long positions accounting for $6.28 million.

Will the Crypto Market Recover This Week or Is the Crash Getting Worse?

All three assets are sitting near short-term support levels after a sharp sell-off. RSI readings for BTC, ETH, and XRP are all below 40, which historically means assets are in oversold territory on the daily chart.

However, oversold does not mean a bottom is guaranteed. The macro backdrop remains uncertain, and market liquidity is thin given global holiday closures.

If Bitcoin fails to hold $62,000 and breaks the rising wedge visible on its chart, the move to $59,000 to $60,000 could happen quickly. Some traders have pointed to $45,000 as a longer-term downside target if that zone fails.

For Ethereum, holding $1,700 into the weekend is key. XRP needs to stay above $1.00 to avoid a deeper breakdown.

The next few daily closes will matter a lot.

Disclaimer

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile and carry significant risk. Always do your own research and consult a qualified financial advisor before making any investment decisions.