XRP News Today: XRP Drops 10% in May Selloff, Bearish Trend Continues

XRP's price continues to face downward pressure as the market struggles to recover from the late May selloff. Currently trading around $2.15, XRP has broken key short-term support levels and is drifting within a defined descending channel. Despite a brief rebound attempt near $2.22, the price action suggests that sellers still dominate the market ahead of the weekend.

On the 4-hour chart, XRP has failed to reclaim the confluence zone around the 20/50 EMA near $2.25–$2.29. This dynamic resistance, combined with upper Bollinger Band rejection near $2.30, confirms bearish control. A clean breakdown from the $2.22 support on May 30 initiated a broader correction, which saw XRP drop as low as $2.08 before bouncing modestly.

Current price behavior shows lower highs and descending trendlines intersecting near $2.20. Until this area is broken decisively, bullish reversal calls remain premature. Key indicators such as the RSI on the 30-minute and 4-hour charts remain weak, with the 30-minute RSI sliding back to 35, indicating soft buying interest. The MACD on the same timeframe shows a renewed bearish crossover, with histogram bars extending further into negative territory.

XRP price volatility has increased notably over the past two sessions, particularly after the failed breakout attempt on June 1. The Stochastic RSI is in the lower region, showing limited upside momentum. The Chande Momentum Oscillator (ChandeMO) reads -42, reinforcing that downside bias remains intact. On the Ichimoku Cloud setup, XRP continues to hover below the cloud on the 30-minute chart, with the Tenkan-Sen and Kijun-Sen flattened out. This flat Kumo configuration typically indicates a lack of immediate bullish traction and adds to the bearish interpretation.

Zooming out to the weekly chart, XRP continues to respect the long-term retracement zones. The token remains trapped below the 0.618 Fib level near $2.60, which has repeatedly acted as resistance since April. On the daily timeframe, price also trades beneath the declining trendline from the $2.90 peak, confirming a medium-term bearish structure. The XRP price update shows that buyers failed to capitalize on the support bounce from the $2.10 zone. Unless the price can reclaim the $2.22–$2.25 short-term ceiling, the risk of a drop toward $2.00 or even $1.99 persists.

The breakdown from the rising wedge pattern formed on the 4-hour chart, combined with rejection at the EMA cluster, explains why XRP's price is going down today. Additionally, broader crypto sentiment has softened, with major altcoins also showing signs of retracement. Without fresh bullish catalysts, XRP is likely to stay within a descending setup in the near term. Moreover, volume remains subdued, suggesting a lack of strong accumulation from institutional buyers at current levels. Until volume profiles turn supportive or price reclaims the $2.30–$2.33 zone, upside scenarios remain limited.

In the very near term, XRP may attempt a retest of the lower support band between $2.12 and $2.08. If that zone breaks, the next critical zone lies at $1.99–$2.00, as seen on the higher timeframe trendline support. On the upside, a breakout above $2.20 followed by a sustained move past $2.25 would be the first signs of recovery. Only if XRP clears $2.33 with high conviction volume can bulls eye the $2.45–$2.50 zone again.