The cryptocurrency market has experienced a significant downturn in recent hours, with Bitcoin and Shiba Inu facing substantial losses. Bitcoin, the largest cryptocurrency by market capitalization, has been crushed under selling pressure, with its price hovering precariously close to the $65,000 threshold. If it falls below this level, it may trigger further liquidations and intensify the downward trend.

Shiba Inu, another popular cryptocurrency, has also suffered a significant loss, plummeting below the 200-day Exponential Moving Average (EMA) support level. This breakdown has led to a rapid decline, with the price potentially dropping to multi-month lows. The trading volume confirms the bearish sentiment, with an increase in selling pressure and a decrease in upward momentum.

In contrast, XRP has shown surprising resilience, maintaining its position above several key moving averages despite the market-wide drop. This stability is encouraging for investors, with the Relative Strength Index (RSI) indicating that XRP is neither overbought nor oversold. The trading volume for XRP has been relatively steady, indicating ongoing interest in the asset.

The market sentiment is cautious, with many investors choosing to liquidate their holdings rather than hold through the volatility. Regulatory crackdowns and macroeconomic uncertainties have exacerbated the gloomy outlook, with Bitcoin's moving averages also showing a decrease in upward momentum.

In conclusion, the cryptocurrency market is experiencing a significant downturn, with Bitcoin and Shiba Inu facing substantial losses. However, XRP has shown surprising resilience, maintaining its position above key moving averages. The market sentiment is cautious, with investors advised to prepare for further fluctuations and potential drops.