XRP and Bitcoin Cash [BCH] drop by 10% as bears floor the market

The cryptocurrency market is bleeding red as it was hit by a sudden drop in the price of Bitcoin [BTC] and other cryptocurrencies. With many top currencies such as Ethereum [ETH] and Bitcoin Cash [BCH] posting double-digit loss figures in the past 24 hours, panic selling seems to be taking the mainstage.

XRP, the third-largest cryptocurrency, is down 9.68% in the past 24 hours, with most of the loss coming from a bear run earlier today. It is currently down from its opening price today of close to $0.33 to almost $0.30.

While it has been trading comfortably between the $0.33 and $0.35 levels over the past week, the coin suffered a major setback as it dropped below the resistance and bounced off the $0.30 mark.

The coin is currently trading at $0.33 with a trading volume of about $281 billion today. There have been multiple big transfers of XRP over the past week, with the most recent before the drop being for $3.96 million and $9 million respectively.

Bitcoin Cash also demonstrated a similar fall in price, with the coin dropping at the same time as Bitcoin. With a loss of over 10.1% in a few hours, the price of Bitcoin Cash was just around the $620 mark prior to the drop.

Soon after, the coin lost $60 in the drop, with the price dropping to $560 before beginning a bounceback.

It has a trading volume of around $564 billion over the past day, with the drop today marking the first time that Bitcoin Cash has dropped below the $600 mark this month.

Jan Yakira, a cryptocurrency enthusiast stated:

“Most coins are seeing recoveries or bouncebacks at key levels. While this might be due to the filling of trade orders or bots buying back in, investor sentiment currently rests on selling. There has also been news of large number of funds moving around, already setting investors on edge after the extended bear market we saw last month. Be wary of panic selling.”