XRP extended its recent slide on Thursday, October 17, falling 7.5% over 24 hours to $2.21, as mounting market-wide volatility and intensified selling pressure erased key technical support levels.
According to data from crypto.news, XRP’s market capitalization dropped 7.3%, while trading volume surged 62.9% to $8.89 billion, indicating a wave of panic-driven liquidations as traders sought to cut exposure.
Technical breakdown deepens losses
The latest selloff follows XRP’s failure to hold the $2.47 support zone, triggering a cascade of stop-loss orders that accelerated downward momentum. The token is now hovering just above the critical $2.20 level, which analysts view as a key area of short-term support.
Large red candles on intraday charts, coupled with a spike in trading activity, reflect intense selling pressure. Technical indicators reinforce the bearish sentiment:
- The Relative Strength Index (RSI) stands at 28.9, signaling oversold conditions and extreme bearish momentum.
- The Average Directional Index (ADX), currently at 37.4, confirms that the downtrend is strengthening, with no immediate signs of reversal.
If XRP fails to hold above $2.20, the next downside target could be $2.00. Conversely, reclaiming $2.50 would require strong buying activity to invalidate the current bearish setup.
Market-wide selloff weighs on XRP
The decline comes amid a broader crypto market downturn, following last Friday’s $19 billion liquidation event that rattled investor confidence. The total crypto market capitalization has fallen nearly 6% to $3.5 trillion, reflecting widespread risk-off sentiment driven by macroeconomic uncertainty and geopolitical tensions.
Even leading assets are struggling: Bitcoin (BTC) is trading around $105,182, down 0.86%, while Ethereum (ETH) has dropped 3.1% to $3,736.
Despite Ripple’s recent acquisition of treasury management firm GTreasury—a move aimed at strengthening its liquidity and cross-border payments capabilities—the positive news failed to lift market sentiment.
Fear dominates sentiment
The global Fear & Greed Index currently sits at 28, indicating extreme fear as investors reduce exposure to risk assets. Analysts note that while XRP’s fundamentals remain supported by Ripple’s expanding enterprise ecosystem, broader market dynamics continue to dictate short-term price action.
Until confidence returns and macro conditions stabilize, XRP may remain under pressure, with traders closely watching the $2.20 support zone as the next critical test of resilience.
