XRP Drops 5% to $2.47 as Bears Break Key Support Level

XRP fell 5% to $2.47 after breaching the significant $2.50 support, driven by intensified institutional selling. This price movement triggered a remarkable 158% increase in trading volume, indicating a substantial shift in market dynamics. The token's decline from $2.60 to $2.47 marks one of its largest daily drops this month, revealing strong overhead resistance at the failed resistance level of $2.60. Traders are currently observing whether the $2.43 to $2.46 range will stabilize or if a dip below $2.40 would lead to further declines toward $2.30 to $2.33. The recent market underperformance of XRP contrasts with broader cryptocurrency trends, reflecting a cautious sentiment among traders amid decreasing speculative participation. Technical analysis shows a continuation of lower highs and lower lows since the breakdown, with momentum indicators indicating a shift toward bearish territory. For potential recovery, XRP must reclaim the $2.50 level to negate immediate bearish momentum and aim for higher resistance levels.

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