The cryptocurrency market suddenly experienced a crash on Thursday due to a multitude of reasons. One of the biggest reasons for the crash was that the USDC stablecoin issuer, Circle, went public on the New York Stock Exchange.
One of the major dips that the situation catapulted was the BTC dip. BTC dipped by 3% as soon as the news was released and hovered dangerously close to the $100K mark. Following this, there were other major pullbacks as well.
Here are the major price pullbacks of tokens other than BTC:
ETH Meltdown
As soon as the news went public, ETH saw a steep 7% crash. This crash broke ETH’s 200-day EMA, which serves as the lower boundary of the consolidation range. However, at the time of writing, ETH is showing some positive traction.
According to experts, ETH needs to break its previous 200-day EMA to maintain its momentum. Price action could push the overall price of the token above the $2,700 mark. On the other hand, if the token fails to do this, another crash may be imminent.
XRP Crash
XRP is showing similar metrics to ETH. On Friday, XRP lost its bullish momentum and crashed hard into the bearish zone. One positive aspect of XRP is that it is holding well above the 200-day EMA.
Therefore, this is good news for XRP holders, as this suggests that XRP might just recover its momentum in a more streamlined manner. Then again, the principles remain the same. XRP needs to hold above its 200-day EMA to keep this momentum.
