XRP saw a major drop, falling below the $2 mark and losing $24 billion in market cap in a single day. The cryptocurrency’s price dropped from $2.41 to $1.97, marking a decline of 18%. Despite the drop, XRP remains above its 200-day simple moving average, indicating a broader positive trend with a 76.35% increase over the past month. Trading volume has increased to $24.75 billion, reflecting increased market activity. Analysts are watching the $2 level as a critical point for a recovery, with support at $1.92 and resistance at $2.55. On-chain analyst Ali Martinez noted that a bounce to $2.62 could see $20.50 million in short positions liquidated, which could spur a quick recovery if market sentiment turns bullish.