XRP has dropped 4.3% in the last 24 hours, once again slipping below the crucial $2 support level as market-wide pressure intensifies.
This breakdown could point to a bearish XRP price prediction, suggesting bulls may be on the verge of capitulation.
Adding to the sell-off, long liquidations surged to $584 million, showing just how many traders were blindsided by the latest dip.
The market had been finding support at this key psychological price level for days, but buying interest was weak and failed to ignite a rally despite efforts by bulls to defend this zone.
Trading volumes have doubled in the past day as well, currently standing at $3.9 billion. This implies strong selling pressure following this bearish breakout.
Despite the drop, XRP-linked exchange-traded funds (ETFs) have attracted positive net inflows for 21 consecutive days now, reflecting strong interest from institutional buyers and long-term holders in the regulated markets.
XRP Price Prediction: Break Below $1.86 Could Result in Another 10% Drop
Heading to the charts, the 4-hour time frame shows that a break below the $2 level with strong volumes occurred yesterday.
This quickly triggered a stronger drop toward the next area of support at $1.86.
Bulls are now trying to defend this mark as a move below could result in a drop to the token’s October 10 lows of $1.58. This translates into a downside risk of 10% in the near term.
Notably, however, the Relative Strength Index (RSI) has hit extreme oversold levels at 21.5 in this lower time frame. The last two times this has happened, the price recovered slightly.
However, a break below $1.86 would mean that the market is ready to resume its downtrend.
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