With Bitcoin dropping below $86,000, crypto assets have failed to generate momentum from Trump’s pro-crypto moves. Moreover, the biggest winners in the past are now the biggest losers. XRP and Solana are among those hardest hit in the latest correction. Still, a turnaround in the Bitcoin market can potentially create a major altcoin reversal.
On Saturday, March 8, Bitcoin price continued its decline, posting 2.86% losses and dropping to $85,806. This was despite the White House’s “crypto summit” on Friday, which some expected to boost asset prices. Instead, many traders were disappointed, as they hoped that the administration would do more for crypto assets.
For that reason, tokens that benefited the most from the pro-crypto buzz around Donald Trump’s presidency were the biggest losers. XRP and Solana, among the tokens Trump specifically named in his crypto reserve posts, lost more than 6%.
XRP, Solana and Doge Price Prediction
Despite the latest declines, traders remain optimistic about Bitcoin’s potential. Notably, the next few weeks will be a critical period for Bitcoin, as it is nearing its support level of $84,000. This long-term trendline started forming in July last year and has supported Bitcoin ever since.
On Saturday, March 8, XRP saw a 6.75% correction in just one day, trading at $2.33. The token lost support at the 20-day exponential moving average at $2.49, which it briefly surpassed on Friday. Due to bearish momentum in the market, XRP is likely to see further corrections.
The next support for the XRP price is likely to be $2 and $2.20, while the token will face resistance at the $2.68 50-day simple moving average. In the case of market reversal, XRP has the potential to rise above $3.
Just like XRP, Solana continues its downward trend, losing 6.22% on Saturday, and reaching $137.51. Since the recent high near $180, the token lost more than 23% of its value. The technical outlook appears weak, as Solana dropped below its 20-day exponential moving average of $156.22, which will also be a key resistance point.
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