The drop -- from $2.305 to a low of $2.163 -- came as the cryptocurrency market reeled from a U.S. court ruling that overturned Trump-era trade tariffs, rattling investor confidence and wiping 3.1% off the total crypto market cap, now at $3.35 trillion.

The sell-off wasn't all bad news for XRP, though. Renewable energy company VivoPower grabbed headlines by raising $121 million to establish an XRP-focused treasury reserve -- a first-of-its-kind move by a publicly traded firm. Then on late Thursday, China-based Webus International said it was raising upto $300 million in cash to eventually launch an XRP strategic reserve.

That's giving some traders hope that institutional adoption might provide a floor for the beleaguered token.

Technically, XRP saw capitulation selling in the midnight hour, with volume spiking to 174.7 million units -- nearly quadruple the average 24-hour trading volume. Prices found tentative support around $2.16 before a brief rebound to $2.22. Analysts are watching key resistance at $2.23, a level that could define whether XRP can stabilize or faces further downside risk.

Hourly chart patterns revealed a V-shaped recovery attempt, but resistance around $2.204 capped gains, with prices consolidating between $2.195 and $2.196. Technical indicators warn that if XRP fails to hold $2.31 support, it could plunge another 16% toward $1.96 -- a level not seen in weeks.

Technical Analysis

With the market in flux, traders are bracing for more volatility as XRP navigates the fallout from macroeconomic uncertainty and potential opportunities stemming from growing institutional interest.