The ongoing cryptocurrency market bloodbath took XRP to the precipice of a major 22% price crash.
Specifically, according to the popular trading expert on X, Ali Martinez, the token ‘has now completed a full reversal toward the channel’s lower boundary at $0.99’ after failing to break the resistance at $1.55.
Should this lower bound be lost, the analyst warned, XRP could rapidly crash toward $0.80. Notably, if the bearish target is reached, it would mean the cryptocurrency has fallen to lows not seen since President Donald Trump won the 2024 election.
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Additionally, it would mean that the token will have extended its November losses from 18% at press time on Friday, November 13, to 36% and crashed a total of 65.96% from the 2026 highs near $2.35.
Cryptocurrency bloodbath deepens with Bitcoin’s plunge below $70,000
Elsewhere, XRP’s recent performance is largely in line with the wider cryptocurrency market trend observable in recent weeks.
For example, after promising an upsurge toward $100,000 following its late August rally, Bitcoin (BTC), the world’s premier digital asset, crashed well below the psychologically important threshold of $70,000 and is, at press time on Friday morning, changing hands at $69,268.
Still, it bouncing back roughly $1,200 from the latest lows at almost exactly $68,000 offers some hope, considering the wider market tends to lag behind BTC.
The overall trajectory of digital assets, however, also implies that sentiment will remain poor for the foreseeable future. After starting November at a $2.6 trillion valuation, cryptocurrencies wiped nearly $300 billion in less than two weeks as their total market capitalization declined to $2.31 trillion.
Why the cryptocurrency bear market could extend into 2027
External and technological developments also, arguably, indicate volatility will remain high and sentiment bearish. Recent months saw an uptick in major hacks affecting hardware wallets, traditional digital asset organizations, and even the world’s largest cryptocurrency exchange, Binance.
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The fears of attacks made possible by advanced artificial intelligence (AI) and advancing quantum computing could also eventually prove an existential threat to the sector.
Simultaneously, the AI trade itself – critical for the U.S. market’s strength in 2026 – is in jeopardy as the downfall of former Nvidia (NASDAQ: NVDA) CEO Jensen Huang gave rise to uncomfortable questions regarding the structure of the ‘bubble’ itself.
Featured image via Shutterstock
