XRP, EOS, and ADA dive 8%: Will the total crypto market cap drop further after 27% fall?

The price of XRP, EOS, Cardano, and other major cryptocurrencies have dropped by more than eight percent on the day, causing the total crypto market cap to fall by 27 percent in merely two months.

In late October, the total market cap of cryptocurrencies was hovering at $255 billion, as XRP, EOS, ADA, and others demonstrated signs of solid recovery.

The upside momentum of most alternative cryptocurrencies was short-lived, especially XRP and Ethereum, which have historically led the altcoin market, plunged following Bitcoin's big drop.

Short term movements are often fueled by large margin trading platforms like BitMEX, but Bitcoin and major altcoins including XRP, EOS, and ADA have performed poorly throughout November for almost three weeks.

XRP has secured key partnerships in the third and fourth quarters of 2019, as Ripple's deal with MoneyGram to bolster the usage of XRP on remittance networks.

The price of XRP has actually dropped year-to-date, as one of the few major cryptocurrencies to see a net negative 11 months into 2019.

If BTC continues to fall in the short term without strong relief rallies, in spite of technical indicators showing that major alternative cryptocurrencies are oversold, the sell-off of crypto assets could continue.

Can XRP, EOS, and ADA recover by the year's end?

A minor drop of the Bitcoin price to the low-$6,000 region in the upcoming days could easily push altcoins below key support levels, making it significantly more difficult for XRP, EOS, ADA, and others to recover by the end of 2019.

The steep fall of altcoins after being down by well over 90 percent from their record highs could also demonstrate that investors are dismissing oversold conditions of most crypto assets as the cryptocurrency market continues to see a steep sell-off.