Why is XRP price dropping suddenly today (17 Oct)?

XRP price has been on a tumultuous ride recently, facing significant losses as it stuggles to uphold positive monentum.

Summary

XRP price has dropped 7.54% today, falling to $2.21 after losing key support at $2.47.
Broader market downturn and global macroeconomic pressures have contributed to the token’s instability.
Technical indicators suggest continued bearish momentum, with RSI at 28.92 and ADX at 37.39.
XRP must hold above $2.20 to avoid further declines, with potential support at $2.00 if the downtrend persists.

As of today, Oct. 17, XRP is down 7.54% in the last 24 hours, trading at $2.21 per crypto.news data. The price drop follows a major selloff that resulted in the loss of key support at the $2.47 level.

XRP’s market cap has also fallen by 7.32%, and the 24-hour trading volume surged by 62.9% to $8.89 billion, highlighting mounting bearish sentiment.

Large red candles and a major increase in trading volume signal panic selling, with investors scrambling to minimize exposure to the altcoin. The current price action has brought Ripple (XRP) closer to crucial support levels, with $2.20 being a key area to watch.

Despite recent positive developments including Ripple’s recent acquisition of treasury firm GTreasury to strengthen its liquidity and payments capabilities, the token has continued to succumb to market pressure, as the news failed to offset the growing wave of selling activity.

However, the overall market trend has been largely negative since the Friday liquidation of $19 billion, driven by broader macroeconomic factors and geopolitical tensions.

The total cryptocurrency market cap has fallen nearly 6% to $3.5 trillion. Even major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are not immune, with the crypto king trading at $105,182 while the second largest hovers $3,736.