XRP is down 8.9% in the past 24 hours and currently stands at $2.04 per coin – its lowest level since February 3.
The crypto sell-off that started last week amid the Bybit hack has caused panic among investors as reflected by the Fear & Greed Index.
According to data from CoinMarketCap, this market sentiment gauge has dropped to its lowest level since the website started to compile it back in June 2023.
At its current level of 21, it indicates that the market is in “Extreme Fear” mode, as a result of the latest downturn.
XRP Price Analysis as XRP Bounces Off Key Support Area
According to CoinGlass, $22.3 million XRP long positions were liquidated in the past 24 hours while $415.5 million worth of BTC longs were flushed out of the system as well.
Trading volumes for XRP have surged by 11.3% in the past day as well and currently stand at $7.65 billion, accounting for 6.5% of the token’s market cap.
This latest weakness has pushed the yearly performance of XRP to negative territory as the token has now shed 1.7% of its value since 2025 started. Comparatively, XRP is still the best-performing crypto asset of the top 5 as Bitcoin (BTC) has dropped by 13.9% and Ethereum (ETH) has shed 36% of its value in 2025.
Selling pressure in the past 7 days has been significant to cryptocurrencies. During this period, XRP has dropped by 23.3%. This decline is pushing the asset to a critical area of support that bulls have thus far defended to avoid an even more pronounced decline.
XRP has established strong support between $2.03 and $1.78, historically acting as a rebound zone during market downturns.
While the price briefly bounced off $2.03 yesterday, ongoing bearish sentiment suggests a potential retest of the lower boundary, signaling a 13% downside risk in the short term.
Momentum indicators remain unfavorable, with the RSI deep in oversold territory and the MACD histogram reflecting increasing negative momentum.
If XRP drops below $1.78, a further decline toward $1.29—a 27.5% correction—becomes likely. However, a rebound from this level could see the price rally toward $2.80 in the coming weeks.
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The post XRP Price Drops but Bulls Defend Key Levels – Can it Bounce? appeared first on Cryptonews.
