XRP Drops 7%: Can It Avoid Falling Below $2?

XRP has fallen 7% in 1 week after reaching a peak of 3.4 dollars. With the gradual decline and Bitcoin at risk of correction, could XRP drop sharply to 2 dollars? Overview of XRP Price: What is Happening with XRP Coin? XRP has undergone a significant fall, losing 7% since last week. This correction comes after a strong price increase, pushing the price from $2.80 to $3.40, benefiting from the upward trend of altcoins along with the surge of Ethereum. However, the optimism quickly faded. As of today, XRP has slipped below the psychological threshold of 3 dollars, raising concerns about a deeper correction that could wipe out the gains from the beginning of August.

XRP Price Analysis: Support is Under Pressure The attached chart shows the price of XRP trading just below 3 dollars, after breaking the descending triangle pattern. Key observations: Downtrend resistance: The orange trendline highlights the continuously lower highs, confirming the bearish pressure. Moving averages: Both the 50-day SMA at ( $3.08 ) and the 200-day SMA at ( $3.10 ) are above the current price, signaling a bearish shift. Support levels: The immediate support level is near $2.80 ( green line ), which previously served as a recovery foundation. If broken, the next psychological target will be $2.50. RSI ( Relative Strength Index ): At 32.56, XRP is fluctuating near the oversold zone, indicating a potential short-term recovery but overall remains weak. This incident shows that the upward momentum is weakening, and unless the buyers quickly reclaim the $3 level, the sellers may continue to push the price lower. Macro Risk: The Role of Bitcoin and Ethereum The cryptocurrency market in general is still facing risks as Bitcoin fluctuates around important price levels. If Bitcoin falls to $110,000, historical patterns show that altcoins like XRP will suffer greater losses. In addition, the upward momentum of $Ethereum is the main driver of the strength of altcoins. If the upward momentum of $ETH weakens, the outflow of capital could accelerate the decline of XRP. In this case, XRP is at risk of falling below $2.80 and may test the $2.00 region, marking a nearly 30% drop from the current level. XRP Price Prediction: Will the Price of XRP Recover? Bullish case: A swift recovery above $3.10 and strong stability of Bitcoin could trigger a rebound to $3.40. Bearish case: Failing to hold above $2.80 combined with weakness of Bitcoin could pull XRP down to $2.50 and possibly $2.00. In the short term, XRP traders should closely monitor the range of $3.00-$2.80. A strong breakout could confirm the downtrend.