Bitcoin, Ethereum, XRP and BNB all suffered a sharp spike in volatility following the Binance hack. Comparing their declines, however, shows very different situations: BTC is still defending a long-term trend, while XRP and ETH must rebuild several lost supports.
In brief
- The Binance hack causes high volatility in the crypto market.
- Bitcoin is holding up better than its competitors, with a decline limited to 6.5% since its recent peak.
- BNB falls 14%, despite concerns over the Binance hack.
- Ethereum loses 20.6%, while XRP shows the biggest correction, with a fall of 23%.
- Bitcoin is trying to preserve its major support around $76,000.
Bitcoin limits the damage, while XRP stalls further
Bitcoin was trading around $76,650 after being rejected in the $81,000 to $82,000 zone. Its decline from this resistance reaches around 6.5%. The price is now testing its 200-day moving average, located between $76,400 and $76,600.
The other three assets are showing deeper corrections from their recent highs. This difference makes it possible to assess their relative strength without being limited to their daily variation, strongly influenced by the Binance hack and the fall of American technology stocks.
The classification of declines reveals a clear hierarchy:
- Bitcoin loses around 6.5% from the $82,000 zone;
- BNB is down almost 14% since its October peak around $810;
- Ethereum drops around 20.6% from its peak near $2,800;
- XRP falls nearly 23% from its September high of $1.60;
- BTC remains in contact with its 200-day average;
- XRP and Ethereum are already trading below their major moving averages.
Bitcoin therefore appears as the group’s most resilient asset. This does not mean that its downside risk has disappeared. A daily close below $76,000 could open the way to $74,000 and then $72,000. Conversely, a return above $78,000 would constitute a first stabilization, before the more important resistance located between $80,000 and $82,000.
Its daily RSI is in the mid-30 point zone. Selling pressure remains strong, but the indicator is approaching the oversold threshold. This pattern can cause a technical rebound without guaranteeing that the low point has already been reached.
BNB suffers the Binance shock without becoming the weakest link
BNB was trading around $696 after failing to hold onto the $750 zone. The token has fallen below its 100-day moving average, near $707, and is approaching long-term support located around $690.
This decline has a particular dimension. BNB is directly associated with the Binance ecosystem, whose wallets suffered an estimated theft of $6.3 billion. However, its correction since its October peak remains lower than those of Ethereum and XRP.
The area between $680 and $690 becomes decisive. A close below $690 would increase the risk of a return towards $680, then towards the old floor located around $650. To reverse the momentum, BNB would first need to move back above $710. A recovery from $735 to $750 would restore a more favorable structure.
Binance has announcement on October 31 having reconstituted approximately 90% of the stolen assets. The remaining 10% concerns less liquid tokens, which are more difficult to redeem quickly. The platform also claims to have provisioned $6.34 billion to cover all losses and plans to gradually resume withdrawals on 1er november.
These measures reduce the risk of a solvency crisis, but do not remove the specific pressure on BNB. Reopening withdrawals will monitor whether users keep their assets on Binance or choose to transfer them to other platforms.
Ethereum and XRP must reclaim their old supports
Ethereum was trading around $2,223 after falling below $2,300. The price is now below the major daily moving averages. The area between $2,170 and $2,200 constitutes its first identifiable support.
A break of this band could bring ETH back towards $2100, then towards the psychological threshold of $2000. To ease the pressure, Ethereum must retake $2,300. A sustainable move above $2,450 would provide a more convincing signal of buyers returning.
XRP has the most fragile structure of the four assets. The token was trading around $1.235 after losing support at $1.30 and its 200-day moving average, located around $1.36 to $1.37.
The $1.20 level now forms the main defense. If it gives way, the next supports are around $1.15 and $1.10. A more negative scenario would put the $1 threshold back at the center of the market. On the upside, XRP must first recover $1.30 and then the $1.33 to $1.37 area.
The volatility of October 30 therefore not only caused a general decline. It revealed the relative strength of the trends. Bitcoin is still defending its long-term support, BNB is holding up better than its link with Binance could have led to fear, while Ethereum and especially XRP must regain several lost levels before being able to speak of recovery.
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