XRP Falls Through $2.28 Support Amid Institutional Sell-Off
XRP price plunged after heavy institutional selling drove a sharp 7.5% drop from $2.40 to $2.22. This followed an initial 6.4% slide to $2.20. The breakdown of the $2.28 support level triggered cascading stop orders and liquidations. Trading volume surged over 80% to 137.4 million, and was 126% above the 24-hour average. Technical indicators confirm a bearish trend, with lower highs and lows, negative RSI and MACD, and volume spikes on declines. XRP found temporary support around $2.20, also a key defense alongside the $2.08–$2.11 zone. However, rebound attempts stalled near $2.224–$2.37. Traders now monitor $2.20 as crucial support. A breach could expose the $2.10–$2.00 zone. Reclaiming $2.28–$2.30 is needed to restore bullish sentiment.
Bearish
The sharp break of $2.28 support and surge in institutional-led sell-offs underscore mounting bearish pressure on XRP. In the short term, elevated trading volume and negative RSI/MACD momentum point to further downside toward $2.10–$2.00 if $2.20 support fails. Longer term, sustained negative technical patterns—lower highs and lows and continued volume on declines—suggest sellers retain control until XRP can reclaim $2.28–$2.30 and demonstrate a reversal in volume and momentum. This dynamic makes a bearish outlook most likely for the immediate future.