The altcoin has fallen more than 14% in the past week, dropping from $2.79 to below $2.40, as nearly $8 billion in market value was wiped out in just 24 hours.

Weak technical setup

XRP’s chart shows clear signs of exhaustion. The token broke beneath the 38.2% Fibonacci level at $2.52 and the 30-day moving average at $2.83, signaling a loss of momentum. The RSI near 34 and a negative MACD point to continued bearish sentiment, while widening Bollinger Bands hint at higher volatility ahead.

Analysts eye key levels

On-chain analyst Ali Martinez believes XRP could retest $2, citing $2.10 as short-term support and $2.80 as major resistance. Unless buyers push the price back above $2.50, he warns, a deeper decline remains likely.

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Market lagging behind peers

While Bitcoin and Ethereum are also under pressure, XRP’s decline has been steeper. The $2 zone—once viewed as an anomaly during last week’s flash crash—has now become a crucial line for bulls to defend. A close below that level could open the door to further downside, while reclaiming $2.50 might spark a short-term recovery.

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