XRP News Today: XRP Price Drops 20% to $2.066 Amid Bearish Trend

XRP, the cryptocurrency associated with Ripple, is currently facing downward pressure, with its price slipping to $2.066 on the daily chart. The asset has struggled to maintain momentum above $2.50, leading to a bearish trend. Technical indicators, such as the Heikin Ashi candles, show a persistent bearish trend with strong downward pressure and minimal relief from buyers. The Relative Strength Index (RSI) is currently at 35.49, well below the neutral 50 zone, indicating weakening momentum. Unless a bounce occurs soon, XRP price could slip into oversold territory, increasing the risk of panic selling.

XRP is currently trading above $2, marking a gain of over 300% from its base price prior to the sharp rally in November 2024. Early investors who accumulated during the lower ranges are now sitting on substantial profits, triggering a noticeable wave of profit-taking. In early June, data shows that these early holders began distributing their holdings at an average rate of $68.8 million per day, indicating a significant phase of selling pressure and a potential redistribution of tokens from long-term holders to newer participants in the market.

Key support and resistance zones for XRP have been identified using a Fibonacci retracement from the swing low near $1.50 to the May high of $2.87. The first support zone is at $2.05, followed by $1.86. If XRP price fails to hold the $2.05 level, we may see a retest of the $1.86 zone, representing a drop of roughly 8.33% from the current level. On the upside, the first resistance is at $2.10, followed by $2.30 and $2.50. A break above $2.30 could trigger short covering and attract new buyers.

While the current structure favors bears, XRP has a history of quick reversals near the $2 mark. If the price forms a double-bottom structure or shows bullish divergence in RSI, a rebound toward $2.30 is possible. For that to happen, buyers must step in quickly to prevent further erosion of confidence. Watch for a green Heikin Ashi candle with a long body, which may signal that sellers are exhausted.

The current chart setup shows that XRP price is at a make-or-break moment. Based on recent price behavior, the bearish case currently looks more probable unless volume spikes in the next few days. XRP price is clinging to support at $2.05. While a bounce is possible, the overall momentum is weak and buyers are clearly on the sidelines. If you're considering entry, wait for a clear signal above $2.10 with rising volume. Otherwise, prepare for a potential dip toward $1.86 before any meaningful recovery.