XRP News Today: XRP Drops 8% Weekly Amid Bearish Trend and Key Support Tests

XRP, a prominent cryptocurrency, has been experiencing significant price movements, with key support and resistance levels playing crucial roles in its trajectory. On the daily chart, XRP recently bounced from a critical support zone between $2.10 and $2.15, indicating a potential reversal from a downward trend. This support zone has been identified as a pivotal area for the asset's price action. Meanwhile, on the 4-hour chart, XRP has reclaimed the $2.14–$2.15 region after a failed breakdown, aligning with a minor horizontal support level.

If XRP falls below this support, the next levels to watch would be around $2.05 and $2.00. A drop under $2.00 could signal a bigger decline in the coming days or weeks. Technically, XRP is possibly forming an inverse head and shoulders pattern on the daily timeframe. This is often seen as a bullish setup. For this pattern to confirm, XRP needs to bounce higher in the coming days and break through the golden pocket resistance zone between $2.56 and $2.62. A confirmed breakout above $2.62 could open the doors for a strong rally toward new all-time highs. However, for now, this pattern is only a possibility — it hasn’t been confirmed yet.

Before XRP reaches the golden pocket resistance, it will face other challenges. The price will need to clear resistance levels around $2.33 to $2.34 and then again near $2.43 to $2.44. Another major barrier stands at $2.48, which has been a key swing level in the past. These areas could lead to short-term pullbacks or pauses as traders take profits and reassess the market situation.

In the shorter term, XRP is showing a minor bounce, often called a wave-four bounce in technical analysis. This small move upward happened after the price tested support around $2.07 to $2.08. Although the price didn’t fully hit the expected $2.06 mark, the reaction suggests traders are still active around these levels. The asset's price has been volatile, with a significant decline in the past day and a drop over the past thirty days. As of the latest reports, XRP was trading at $2.16, down in the past 24 hours and over 8% in the past week. This bearish trend has been attributed to broader market sentiment and technical indicators suggesting that the ongoing correction could persist.

Analysts have noted that XRP is showing renewed signs of weakness, with a deepening bearish trend suggesting that the correction phase may not be over. The downward movement accelerated on May 12, with XRP breaking below a rising green channel it had followed since early April. This breakdown marked a transition from higher highs to lower highs, indicated by three consecutive red daily candles and broad market weakness. Despite the near-term bearish outlook, analysts remain optimistic about XRP’s longer-term prospects. Many long-term holders are still targeting resistance levels at $2.70 and even $3.40 in a future bullish reversal. However, the immediate focus is on the next potential support zone around $1.60 to $1.85, which served as a breakout area in early April and may now act as a price floor. Additionally, the 0.236 Fibonacci retracement level at $2.0350 is a key level to watch, as a break below this level could open the door to the $1.80 zone or even to $1.61.

Key levels to watch for a potential bullish reversal include $2.0430 support and $2.2294 resistance. Immediate resistance is at $2.37, with failure to hold $2.14 support potentially retesting $2.00. The Relative Strength Index (RSI) is at 40.72, indicating a neutral momentum. Investors are also keeping an eye on XRP-specific fundamentals, including the potential approval of a spot XRP ETF and the resolution of the SEC vs. Ripple case, which may be heading toward a settlement. These developments could significantly impact XRP's price trajectory in the coming weeks.