Ripple (XRP) Faces Significant Volatility and Lose Its Ground and Fell Back to 2$ Support

input: Ripple (XRP) faces significant volatility and lose its ground and fell back to 2$ support. The token show resilience at this support level and experienced slight rebound.

Ripple's (XRP) price has faced significant volatility in recent times. After losing its ground and fell back to 2$ support. The token show resilience at this support level and experienced slight rebound.

Over the past week, XRP is down by almost 12% showing overall bearish price trajectory.

On Monday morning, XRP price is trading at $2.12, lower by 2.91% in the last 24 hours. The 24-hour trading volume is $ 8.20B, market cap is $ 123.83B. After a steep decline along with the overall market XRP is pointing towards recovery.

One of the main reason behind this decline, over $1.25 trillion vanished from the U.S. stock market on Tuesday, August 1, impacting not only equities but also Bitcoin and the broader crypto market.

As the correlation between traditional finance and digital assets continues to grow, a massive selloff in the stock market spilled over into the crypto sphere.

From a technical analysis perspective, XRP is forming a symmetrical triangle pattern on the daily timeframe, which often signals a breakout or a strong move in a specific direction.

The token is currently consolidating at $2.11, a key support price point. If buyers manage to gain momentum and push the price above the descending resistance, it could trigger a strong upward move.

In this case, potential upside targets to watch are $2.60, $2.84, $3.00, $3.21, and $3.40, which are key horizontal resistance zones that could shape the next phase of the token's price action.

However, if the token fails to hold above its support zone, selling pressure may intensify, leading to a further decline. In this scenario, the price could test the next support levels at $1.90, $1.71, or $1.50, where sellers might step in again.

With market sentiment gradually shifting, the token's next move hinges on whether bulls can reclaim control and push the price past resistance levels. A breakout from this consolidation phase could pave the way for a strong rebound in the days ahead.