XRP Drops 8.15% Below $2, Market Correction Continues

XRP, a prominent cryptocurrency, has recently experienced a significant price drop, falling below the critical $2 level. This decline has sparked concerns among investors and analysts about the potential for further losses. The price of XRP has been on a steady decline over the past week, but the breach of the $2 support level marks a key technical breakdown. This support level had previously acted as a strong floor, and its loss has made the chart increasingly bearish.

According to the latest market data, XRP is currently trading at $1.98, with a 24-hour performance of -8.15% and a 7-day performance of -8.68%. The market capitalization of XRP stands at $113.6 billion. This drop is not an isolated event but part of a broader market correction that has seen major tokens, including Ethereum and Bitcoin, experience significant declines. Ethereum has crashed below $1,800, and Bitcoin has fallen below $80,000. Asian markets opened with aggressive selling, and market-wide outflows are increasing rapidly.

In this challenging environment, XRP is struggling to maintain its value. If the current downtrend continues and broader market sentiment does not improve soon, XRP could face further declines. Key levels to watch for XRP include $1.60, which was previously tested during a late 2024 market dip, $1.40, a minor support zone with high historical trading activity, and $1.20, a major long-term support level and potentially the next bounce zone. These levels could attract buyers, but if selling pressure increases, XRP could easily slide lower.

This drop in XRP's price is part of a wider crypto sell-off, indicating that the overall market sentiment is bearish. Without a quick reversal, more pain could be ahead for XRP and other cryptocurrencies. Investors and analysts are closely monitoring the situation, and the next few days will be crucial in determining the future direction of XRP's price.