XRP price has dropped 5% today, trading at $2.49 after being rejected by a resistance level at $2.60. The wider crypto market is also down, with Bitcoin unable to reclaim $100,000 and trading around $95,900, while Ether fell over 3.6%. Total liquidation in the crypto futures market exceeded $234 million, with XRP seeing $9.4 million in long positions liquidated. The liquidation of long positions adds downward pressure on XRP's price. Technical analysis indicates a struggle for XRP with the 50-day simple moving average (SMA) at $2.73 remaining a resistance level. The price must breach this to signal potential recovery; otherwise, it might decline to the next support level at $2.00. XRP's current support is at $2.40, and if it closes above this, a retest of the 50-day SMA is possible. Popular analysts suggest that XRP's recent price movements may form a bullish structure if certain levels are surpassed.

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