The cryptocurrency market is facing headwinds, with XRP trading near the crucial $2 mark, potentially setting the stage for a significant downturn. Traders are closely watching technical indicators, as they suggest a possible downward movement and potential price drops for the ripple coin. 41.5% of XRP holders are currently underwater, highlighting a heightened risk of panic selling if prices continue to decline. Technical analysis reveals that XRP is forming a megaphone pattern on the weekly chart, signaling a possible drop towards $0.88—a 55% drop from current levels. This comes as Bitcoin continues its downward trend, raising concerns about ripple’s recovery prospects. While support levels above $2 remain in focus, market sentiment and technical indicators point to a cautious outlook for XRP.