The cryptocurrency XRP is facing growing pressure, with its price dropping more than 5% to about $2.06 in the past 24 hours. Chart analysis suggests that a potential breakdown below the crucial $2 support level may be imminent. Technical indicators are signaling increasing bearish momentum. The 200 EMA, currently at $1.94, is a key defense line against further decline after it breached the 50 and 100 EMAs. This marks a worrisome sign as historical data shows similar breakouts often lead to accelerated price drops. The descending triangle pattern seen since January is also nearing its peak, indicating potential support erosion under pressure. Volume trends further suggest an intensifying bearish trend. Although there have been brief buying spikes, consistent volume increases are absent, and the current RSI is hovering just above 37, heading towards oversold territory. The next major support level lies between $1.85 to $1.80, a region tested in early November 2024. If XRP breaches this level and falls below the 200 EMA support, the decline could intensify, triggering further unwind of long positions and potentially sparking panic selling. Regaining the $2.30-$2.40 range with significant volume is crucial for a potential rebound. Currently, XRP’s grip on the $2 mark is weakening, and if bulls fail to intervene quickly, they may need to say goodbye to this psychological support level.