The crypto market has retreated, with Bitcoin falling below US$82,000, while XRP approaches the US$1.30 support level.
Selling pressure has intensified following a decline in tech stocks, a surge in oil prices, and rising US-Iran tensions—raising questions about whether this downward trend will persist.
Bitcoin Plummets Toward US$81,000
Bitcoin dropped 4% to US$81,130 on Thursday, pressured by the slump in tech stocks, rising oil prices, and geopolitical tensions between the US and Iran.
At the time of writing, Bitcoin is trading at US$81,364, up 0.06% since the opening of the Asian session on Friday.
The decline triggered the liquidation of crypto futures positions worth approximately US$474 million over a 24-hour period. Ethereum (ETH) fell 4.4% to US$2,376, while XRP dropped 5%, BNB declined 2.8%, and Solana (SOL) fell 4.1%.
Tech Stocks Slide, Oil Prices Surge
The crypto market has come under pressure alongside a broader decline in US stocks, as investors grow concerned over the rising costs associated with artificial intelligence (AI) development.
The Nasdaq fell 2.6%, the S&P 500 dropped 1.2%, and the Philadelphia Semiconductor Index plunged 6.7%.
Shares of Meta Platforms fell 7%, and Nvidia declined 4.4%, reflecting investor anxiety regarding AI-related spending and the potential return on investment.
Meanwhile, Brent crude oil rose 3.7% to US$112 per barrel, driven by fears of supply disruptions stemming from US-Iran tensions. Rising oil prices could increase inflationary pressure and influence expectations regarding US interest rates, thereby adding to volatility in financial markets.
XRP Approaches US$1.30 Support
XRP remains under pressure after failing to break past US$1.40 and is now approaching the US$1.30 support level as the broader crypto market faces selling pressure.
At the time of writing, XRP is trading at US$1.3094, up 0.15% since the opening of the Asian session on Friday.
Spot XRP ETFs in the US recorded inflows of approximately US$709,000 on Wednesday, with cumulative inflows reportedly reaching US$1.8 billion. However, these daily inflows have not been sufficient to offset the selling pressure.
If XRP fails to hold above US$1.30, the risk of further decline could increase. Conversely, a recovery toward US$1.40 would require stronger buying activity.
XRP Ledger Update Postponed
The XRP Ledger (XRPL) has postponed a bug-fix update after the number of network validators supporting it dropped from 35 to 26, before recovering to 31.
The update requires consensus support exceeding 80% over a 14-day validation period. The planned fixes address a vulnerability related to token creation and include improvements to the lending algorithm.
While this postponement does not necessarily imply a network disruption, it could add to uncertainty regarding investor sentiment at a time when XRP is facing selling pressure.
For Bitcoin, the US$82,000 level has become a key area to watch, following a drop in price below this mark. Failure to reclaim the US$82,000 level could sustain selling pressure, whereas a strong recovery would require fresh buying support.
As for XRP, the US$1.30 level serves as a key determinant for its next move. A breakdown below this level could increase the risk of further declines, while a rebound that holds above it could potentially pave the way for a recovery toward US$1.40.
