XRP Price Breaks Below Key $2.50 Support: Ripple to Drop Further?
XRP (XRP) has plunged 16% in the past 24 hours, now trading at $2.07, as the broader crypto market reels from heavy selling pressure triggered by last Friday’s Bybit hack.
According to CoinCodex, the total crypto market cap has declined by 2.6% to $3.1 trillion, with Bitcoin (BTC) shedding 8.3% in the past day and maintaining a dominance rate of 60.5%.
Today’s Losses Evaporate XRP’s Yearly Gains
This significant drop in XRP’s value in the past few days is pushing its yearly performance into negative territory. However, the token is still the best-performing asset among the top 10 most valuable cryptocurrencies.
Other digital assets, such as Ethereum (ETH), Solana (SOL), and BNB (BNB) have also struggled this year, posting declines of 28.5%, 28.3%, and 14.1%, respectively, since January.
Meanwhile, XRP’s trading volume has surged by 187.4% in the past 24 hours, underscoring the intensity of today’s sell-off.
Data from CoinGlass reveals that $57.6 million worth of XRP long positions have been liquidated in the past day.
However, this pales in comparison to the $609 million in BTC long positions that were liquidated over the same period, highlighting the broader market turmoil.
From a technical perspective, today’s sharp decline has pushed XRP below a key support level at $2.50. This breakdown signals bearish momentum, exposing the token to a potential 20.2% downside risk.
The silver lining is that XRP has multiple support zones between $1.70 and $2.00, where buyers have historically stepped in to accumulate.
However, momentum indicators suggest further weakness ahead, with the Relative Strength Index (RSI) dipping below the signal line and the MACD histogram showing increasing negative momentum.
These types of market drawdowns are common in crypto, and seasoned investors know the importance of filtering out short-term noise to uncover high-potential opportunities.
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