Many people believed that XRP's recent spike above the pivotal psychological level of $2 was a possible breakout signal. The most recent retracement, though back below the 100 EMA, raises the possibility that the bullish momentum was premature. Weakening indicators are emerging as the asset currently trades at $2.11 after being rejected by the 100-day exponential moving average. The deteriorating volume profile is among the most obvious warning signs. Due to a lack of strong buyer follow-through, trading volume has continuously trended lower since the spike that lifted XRP above the $2 threshold. It implies that the rally was primarily speculative and unsupported by long-term capital inflow or investor confidence. The approaching pre-death cross, a technical signal created when the 50 EMA is poised to cross below the 100 EMA, is contributing to the bearish mood. It still indicates growing bearishness in the short- to midterm trend, albeit not as severely as a 50/200 EMA death cross may. When XRP was last in the vicinity of such a formation, it entered a protracted period of consolidation. On-chain data further exacerbates the issue. Beginning on April 13, there was a sharp decline in the number of transactions on the XRP Ledger, with the number of transactions approaching zero. This type of network activity collapse poses serious issues for a utility-driven token such as XRP, which relies on high transaction throughput to support its value and usefulness in international transactions. XRP is currently in a risky position. Support is located around $2.00 and $1.95, while any sustained recovery requires breaking the resistance at $2.24-$2.25 with great conviction and volume. XRP may be about to confirm a bearish trend continuation, which would push sentiment lower and trigger the pre-death cross scenario unless there is a noticeable volume reversal and a rebound above the 100 EMA.