Cryptocurrencies Price Prediction: Bitcoin, XRP & Crypto – European Wrap 8 January

Is Bitcoin falling in wave three? Sharp drop below 103k – Should you be worried?

Bitcoin has been on a rollercoaster ride, with sharp movements testing key support and resistance levels. After reaching 103,000, it dropped sharply during the early Asian session on 7th Jan 2025, slipping close to 95,000. This move aligns with the Head & Shoulders pattern discussed in our previous analysis and points to the potential onset of a larger Wave 3 correction.

XRP investors cash out $1.600 billion amid market stagnation

XRP investors cash out $1.6 billion in profit-taking amid six weeks of stagnation, with long-term holders providing key support against further decline.

XRP investors have shown increased frustration over weeks of price stagnation, with profit-taking activity surging to $1.6 billion in just 24 hours. Nearly 695 million XRP tokens were sold, signaling growing dissatisfaction among holders. This trend, common during prolonged consolidation phases, often results in heightened selling pressure and limited upward movement.

Crypto stumbles on the upswing

The cryptocurrency market took a hit on Tuesday as strong US data brought speculation of tighter monetary policy back into play. As a result, crypto market capitalisation lost over 6.2% in 24 hours by the start of active trading in Europe on Wednesday. US President-elect Trump continues with his passages about Canada as the 51st state, buying Greenland, and regaining control over the Panama Canal, which increases the pull from risk assets, hurting Bitcoin, among others.