While many top cryptocurrencies, including Bitcoin, saw gains today, XRP price declined, dropping to 2.28 after a recent major partnership with Guggenheim Partners. This unexpected drop comes amidst a positive market sentiment as analysts attribute it to the deal and growing institutional interest in Ripple’s technology. However, technical analysis suggests that support exists around $2.25, a crucial Fibonacci retracement level. XRP’s history indicates a tendency to rebound from this region. On-chain activity is also picking up, with June 16th becoming a focal point for hopeful investors as it coincides with potential resolutions in the Ripple vs SEC saga. Positive developments here could trigger a significant price surge. While technical analysis indicates recovery through a key support zone between $2.10 and $2.25, resistance levels near $2.34 and $2.44 are expected to be met. Traders also observe potential double bottom pattern on the charts which would signal a bullish trend if confirmed. Short-term momentum is positive, as indicated by the 8-hour chart’s bullish divergence despite the price drop. However, one factor could significantly impact XRP’s short-term trajectory: the upcoming U.S. CPI inflation data, due within the next 24 hours, which could trigger rapid shifts in market sentiment across cryptocurrencies including XRP.