XRP’s value dropped 7.5% after breaking key support levels, resulting in significant trading activity and liquidations. The token surged in trading volume by 84%, driven by institutional involvement. Despite a brief rebound, XRP remains under bearish control, with $2.20 as a critical support level.
A selloff occurred on Wednesday, followed by a surge of trading volume that reached 137.4 million, representing an 84% spike above the daily average. The selling wave peaked at 15:00 GMT, causing XRP to pass through multiple short-term support levels. Although the token briefly stabilized near $2.20 before rebounding modestly, it failed to reclaim the $2.28 breakdown level.
Technical analysis suggests a bearish bias, with momentum indicators turning sharply negative and MACD readings crossing into bearish alignment for the first time in two weeks. Volume analytics also strengthen this view, showing an 84% surge during the breakdown compared to declining participation during the rebound.
Traders should focus on whether $2.20 can hold as interim support amid continued selling pressure. A decisive break below this level could expose XRP to further declines. Conversely, recovery efforts require a firm close above $2.28 to neutralize the current downtrend and open a path toward $2.35-$2.40 resistance.
Source: https://www.coindesk.com/markets/2025/11/07/xrp-breakdown-sends-ripple-linked-token-toward-usd2-20-defense-zone