XRP plunged nearly 8% in Thursday's session as institutional selling accelerated through multiple high-volume breakdowns, breaching the critical $2.46 support level that had anchored the month-long consolidation range. News Background XRP fell sharply from $2.65 to $2.48 amid aggressive selling pressure as macro and technical factors aligned against it. The broader crypto market reacted negatively to hawkish signals from the Federal Reserve, even as trade prospects between the United States and China showed signs of improvement. At the same time, technical analysts flagged a confirmed bear setup after a key support level failed to hold. Price Action Summary XRP collapsed approximately 6.4% during the 24-hour period, sliding from ~$2.65 down to ~$2.48. The breakdown was accompanied by outsized volume, with a peak around 392.6 million tokens — nearly 400% of its daily average. The decisive breakdown occurred after multiple support zones failed to hold, with the critical $2.46 level breached and the $2.48 floor tested. The drop included two intense selling waves, and the final leg of the decline came on minimal volume, indicating exhaustion and institutional exit. Technical Analysis The chart structure shows a clear bearish breakdown from an ascending or neutral consolidation pattern. Support at ~$2.46 gave way, turning into resistance. Momentum indicators (e.g., RSI and MACD) point to weakening conditions and a confirmed sell-signal scenario. The volume profile — with the extremely high spike during the fall and muted recovery volume afterward — suggests distribution (selling) rather than healthy accumulation. Key levels now to monitor are resistance near ~$2.46–$2.50, and downside targets in the range of ~$2.30–$2.40 if the current support breaks. What Traders Should Know Traders should treat current levels with caution. A sustained bounce above ~$2.50 may offer relief, but the confirmation of the breakdown means the bears currently hold the edge. If XRP fails to reclaim the ~$2.50–$2.46 zone, the path toward ~$2.30 or lower becomes higher probability. On-chain whale flows and futures open interest (which may show further weakening) should be monitored closely as additional confirmation of structural risk. Macro-tailwinds (trade news, regulatory developments) can still trigger relief rallies, but the technical framework currently favours a continuation of weakness until meaningful support is rebuilt.