On October 1, 2025, the cryptocurrency market is experiencing significant volatility despite the holiday as the U.S. stock market is temporarily closed to honor former President Jimmy Carter. Bitcoin (BTC), the leading cryptocurrency, is facing strong selling pressure ahead of an important jobs report. The price of Bitcoin has dropped to above $91,000, down about 3%, while the CoinDesk 20 index recorded a similar decline with heavy losses from Solana (SOL) and Chainlink (LINK).
The cause of this sell-off stems from a strong rally in Q4 2024 due to Donald Trump's electoral victory and expectations of favorable regulations. However, recent economic data that was stronger than expected indicates that the U.S. Federal Reserve may need to raise interest rates instead of cutting them as anticipated, thus negatively affecting the market.
Many traders are concerned that the price of Bitcoin could drop below the $90,000 mark, with current support levels at $85,000 and the potential to reach $75,000. However, some analysts note that the current buying liquidity may prevent a deeper decline in a relatively stable trading environment.
XRP, although also under similar selling pressure in the broader crypto market, has managed to retain most of its 300% gain since the end of 2024. This altcoin has avoided a deeper correction and is currently consolidating near a downward trend line, aiming for a breakout above the resistance range of $2.50 to $2.60.
Analysts indicate that the price of XRP is in a crucial decision area, with rejection at the support level of $2.15 to $2.20 potentially leading to strong growth up to $2.91. Positive developments in the XRP ecosystem, including the potential approval of the XRP spot ETF and the growing sentiment among users, may also attract speculative investors.
Technical analysis also shows a potential growth breakout, dependent on confirming resistance levels above $2.50 and $2.60. However, this content is not investment advice, and investors should be cautious in light of market fluctuations.
