XRP Price News: Ripple Plunges 8% as Bitcoin Falls Under $107,000

XRP experienced a sharp decline of nearly 8%, dropping from around $2.65 to $2.48 as institutional selling intensified and key support levels failed to hold. The bearish trend was spurred by hawkish signals from the Federal Reserve, which negatively impacted the broader crypto market. The breakdown breached the significant support level at $2.46, turning it into resistance, and triggered an increase in trading volume, with peaks around 392.6 million tokens, nearly 400% of the daily average. Technical analysts indicated a confirmed bearish setup, with momentum indicators reflecting weakening conditions. Traders are advised to monitor resistance around $2.46 to $2.50 and potential downside targets of $2.30 to $2.40 if current support fails. Additionally, on-chain whale flows and futures open interest are critical metrics to watch for insights into ongoing market dynamics.

Source 🔗