Why is XRP down today?
XRP price crashes through $2 support, symmetrical triangle fails
XRP (XRP) has sharply broken down from its long-watched symmetrical triangle pattern, shocking traders who had been anticipating a bullish breakout.
The highly anticipated setup crumbled as XRP failed to maintain its critical $2 support, plunging through both the psychological barrier and the 200-day moving average in a swift and decisive move.
What was supposed to be a neutral pattern resolving in favor of the previous bullish trend turned into a textbook bearish failure. The breakdown not only dismantled bullish hopes but also flipped market sentiment rapidly to the downside. The sudden collapse reflects how quickly crypto markets can turn, particularly when optimism is not supported by strong structural strength.
Heavy Selling Pressure as Volume Spikes on Breakdown
The damage to XRP’s chart became even more severe as the breakdown was accompanied by a clear surge in trading volume, a classic indicator that the selling pressure is real and not just a brief shakeout. As XRP sliced through the $2 level, liquidation cascades intensified, and sellers took control of the market.
The daily Relative Strength Index (RSI) now sits at 32, signaling a near-oversold condition but not low enough to suggest an immediate recovery. Traders are watching carefully to see if XRP attempts to retest the broken support zone around $2.05–$2.10. However, unless XRP can reclaim this level swiftly, more downside toward the $1.80–$1.70 region is likely. Volume-backed breakdowns like this rarely reverse quickly, making any near-term bullish setups extremely fragile.
Kharitonov’s Analysis: Macro, Regulation, and Technicals Drive XRP’s Decline
According to analyst Anton Kharitonov, XRP’s sell-off is being driven by a mix of broader macro and technical factors. Geopolitical tensions in the Middle East are fueling a wider market risk-off sentiment, with investors shying away from volatile assets like cryptocurrencies. The Federal Reserve’s cautious monetary stance and upcoming economic uncertainties have further dented investor confidence across crypto markets.
Kharitonov says:
“I believe the local bottom is already behind us. Despite the volatility, XRP should return to an upward trend by the end of June.”
Kharitonov also points to XRP’s ongoing regulatory overhang with the SEC as a persistent cloud limiting upside potential. From a technical perspective, the recent collapse through key support levels triggered bearish sentiment and accelerated profit-taking. Compounding the problem, whale wallets have been steadily offloading XRP, while on-chain activity and user engagement have shown signs of weakening. Together, these forces have decisively flipped XRP’s market structure from neutral to bearish, leaving bulls scrambling for support.
Recently we wrote that prominent Ripple lawyer Bill Morgan has dismissed claims that the U.S. government intends to confiscate Ripple’s escrowed XRP funds as part of its national reserves.
