XRP Drops 6% as Global Economic Tensions Trigger High-Volume Selloff

XRP XRP took a sharp hit overnight, shedding more than 6% in a high-volume correction that left traders on edge amid mounting global economic uncertainties. The drop — from $2.305 to a low of $2.163 — came as the cryptocurrency market reeled from a U.S. court ruling that overturned Trump-era trade tariffs, rattling investor confidence and wiping 3.1% off the total crypto market cap, now at $3.35 trillion. The sell-off wasn’t all bad news for XRP, though. Renewable energy company VivoPower grabbed headlines by raising $121 million to establish an XRP-focused treasury reserve — a first-of-its-kind move by a publicly traded firm. Then on late Thursday, China-based Webus International said it was raising upto $300 million in cash to eventually launch an XRP strategic reserve. That’s giving some traders hope that institutional adoption might provide a floor for the beleaguered token. Technically, XRP saw capitulation selling in the midnight hour, with volume spiking to 174.7 million units — nearly quadruple the average 24-hour trading volume. Prices found tentative support around $2.16 before a brief rebound to $2.22. Analysts are watching key resistance at $2.23, a level that could define whether XRP can stabilize or faces further downside risk. Hourly chart patterns revealed a V-shaped recovery attempt, but resistance around $2.204 capped gains, with prices consolidating between $2.195 and $2.196. Technical indicators warn that if XRP fails to hold $2.31 support, it could plunge another 16% toward $1.96 — a level not seen in weeks. Technical Analysis XRP dropped from $2.305 to $2.163, a 6.16% decline. Midnight volume surged to 174.7M units, far exceeding the 24-hour average. Support formed at $2.16, with resistance at $2.23 capping rebound attempts. V-shaped recovery saw XRP testing $2.204 before consolidating around $2.195-$2.196. A key risk is a potential 16% drop to $1.96 if the $2.31 support fails. With the market in flux, traders are bracing for more volatility as XRP navigates the fallout from macroeconomic uncertainty and potential opportunities stemming from growing institutional interest.

Source: CoinDesk