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

XRP fell 5% to $2.47 after breaking below its $2.50 support level, driven by increased institutional selling. This breach triggered a significant 158% rise in trading volume, indicating strong market activity. The breakout confirmed a shift in the market structure, with XRP experiencing a notable decline from $2.60 earlier in the day. Traders are currently assessing whether the price can stabilize between $2.43 and $2.46 or if further declines below $2.40 will occur. The initial breakdown began at 13:00 UTC, leading to intraday lows near $2.38. XRP's recent volatility has prompted profit-taking among larger holders, while technical indicators are showing signs of weakness. The $2.40–$2.42 region now serves as immediate support, with potential for further declines if this level is breached. Overall market sentiment remains cautious as risk appetite cools, further impacting XRP's performance in contrast to broader crypto trends.

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