The crypto market has seen over 19 billion dollars in liquidations in the last 24 hours: Bitcoin has fallen below 113,000 dollars, and XRP has broken through key support.

The cryptocurrency market has recently experienced a sharp pullback comparable to the "COVID-style" crash of March 2020. In just 24 hours, nearly $19 billion in global market capitalization evaporated, with a decline of up to 9.93%. Bitcoin (BTC) and Ethereum (ETH) dropped 7.43% and 12.93% respectively, while altcoins like Solana (SOL) fell even more. Analyst Ash Crypto views this panic selling as a "cleaning" phase before the next bull run begins. Meanwhile, XRP has fallen 14.53% and has breached the critical support level of $2.70, confirming a bearish descending triangle pattern, with a short-term target potentially dipping to $2.00. Although the market is in deep oversold conditions, which may foster new accumulation opportunities, investors need to follow the stability of Bitcoin and whether XRP can reclaim the key support level.

Market Overview: Global market capitalization big dump, major assets significantly fall.

The crypto market is experiencing one of the most severe declines in recent months, with the level of panic compared by analysts to the market crash during the outbreak of the COVID-19 pandemic in March 2020. In just 24 hours, nearly $19 billion was wiped off the global crypto assets market value, with the total market capitalization dropping to $3.73 trillion, a fall of up to 9.93%.

All major Crypto Assets have been severely impacted, and the market is caught in a "bloodbath:"

• Bitcoin (BTC): It has fallen by 7.43% in the past day and is currently trading around $112,517.
• Ethereum (ETH): The decline is more severe, down 12.93% to $3,799.
• Solana (SOL): Suffered the heaviest losses, with a big dump of 17.45%, trading at nearly 182.59 dollars.

All altcoins have experienced a big dump, liquidating thousands of leveraged long positions within a few hours.

Repeating 2020? Analysts Say "It Feels Like March 2020"

Market analyst Ash Crypto commented that the current market conditions "feel exactly like March 2020 - when everyone thought it was over."

He reminds investors to review history: after that crash, Bitcoin surged from $3,800 to $69,000, Ether jumped from $90 to $4,800, and altcoins achieved astonishing gains of 25 times to 100 times during the subsequent bull run cycle. This indicates that extreme selling panic may signal the beginning of the next major accumulation phase.

XRP Under Pressure: Breaks Key Support Level, Downside Risks Intensify

Among the leading alts by market capitalization, XRP has shown extremely high volatility. The token has fallen 14.53% to $2.41 in the past 24 hours, with panic selling intensifying and its trading volume surging to over $19.5 billion.

fell below the support level for several months, confirming the descending triangle pattern.

According to technical analysts, XRP's current price structure is consistent with the bearish pattern formed since July. The token has been showing lower highs and lower lows, indicating that the potential downtrend will continue.

· Key technological breakthrough: XRP has fallen below the "very important support area" around 2.70 dollars, a level that has provided support for several months.

· Pattern Confirmation: The current selling intensity appears to exceed previous pullbacks, confirming a descending triangle pattern, which may signal a deeper fall.

· Recent target levels: Analysts believe the next target may be in the range of $2.40 to $2.50, and it could even dip to the low of $2.00 in the coming weeks.

Market Outlook: Oversold or Brewing Next Accumulation Opportunity

Despite the market experiencing a big dump, it also presents potential opportunities for investors.

· Historical Oversold: The daily and weekly charts of XRP are currently in a state of deep oversold. Historically, once the selling pressure eases, this oversold condition often precedes a strong recovery.

· Next bull run starting point?: If history repeats itself, this "COVID-style" sell-off may create conditions for the main accumulation phase before a new round of bull run.

· Key Moment for XRP: Analysts point out that this is the last chance for XRP to reclaim the $2.70 level. If it fails to recover successfully, the price may be dragged closer to $2.00.

Ultimately, whether XRP can once again follow the script of 2020 will depend on its ability to hold the key support level, as well as whether Bitcoin can stabilize in the coming days to set the tone for the entire market.

Conclusion

The sharp pullback in the crypto market this time is the result of excessive market leverage and macro uncertainty working together. Although panic sentiment has spread in the short term, leading to liquidity outflows and a big dump in prices, historical experience shows that such extreme dumping is often a "shuffling" process in the market cycle, clearing obstacles for healthy growth in the next phase. Investors should closely follow the stability of Bitcoin and the defensive capability of alts like XRP at key support levels, while maintaining cash flow to prepare for potential significant accumulation opportunities.

Disclaimer: This article is for news information only and does not constitute any investment advice. The crypto market is highly volatile, and investors should make cautious decisions.