XRP is once again under heavy pressure after breaching critical support levels, with analysts warning that the token could be preparing for a deeper slide toward $2. The move comes after a week of heavy selling that erased billions from the asset’s market value and left traders bracing for further downside.
Notably, the token slipped beneath the psychologically important $2.40 threshold on October 16, extending a decline that has already seen XRP tumble more than 14% from last week’s peak at $2.79.
XRP 1-week price chart. Source: Finbold
The digital aseet’s market capitalization has shrunk from $167 billion to $143 billion in just seven days, with nearly $8 billion wiped out in the past 24 hours alone.
XRP 1-day market cap chart. Source: CoinMarketCap
Crypto expert sounds the XRP alarm
Respected on-chain analyst Ali Martinez warned that XRP’s chart structure suggests more pain ahead. “XRP looks like it wants to revisit $2,” he said, highlighting $2.80 as stiff
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