The ongoing global market turmoil has put the crypto market under heavy pressure, pushing major assets into deeper corrections. Bitcoin has slipped below the key $59,000 level, while Ethereum
The ongoing global market turmoil has put the crypto market under heavy pressure, pushing major assets into deeper corrections. Bitcoin has slipped below the key $59,000 level, while Ethereum continues to trade dangerously close to the $1,500 support zone, reflecting the growing weakness across the market. Amid this broader sell-off, the XRP price has also come under increasing bearish pressure, extending its downtrend and moving closer to a critical support breakdown.
After dropping nearly 5% in recent sessions, XRP is now showing signs of a deeper correction, raising concerns that the token could soon test and possibly lose the psychological $1 support. With market sentiment still fragile and selling pressure building, the coming sessions could be crucial in deciding whether XRP finds stability or slips into another leg down.
The weekly chart of XRP continues to show growing weakness as it remains stuck within a broader descending channel. This signals the sellers still dominate the rally as the price slipped below the important support zone at $1.05, after several failed attempts to recover. These levels had previously acted as a strong cushion during multiple pullbacks and hence, losing this range is believed to trigger a major downfall as traders’ confidence is currently at the lows.
Meanwhile, the MACD remains in negative territory, and the levels are heading for a bearish crossover, triggering a fresh descending trend. Besides, the Volume profile shows a large concentration of traded volume between $1.20 and $1.90, where the XRP price found strong market acceptance. And now, when the price has slipped below this high-volume region, it hints at the non-availability of buyers to absorb the supply. Interestingly, the volume profile looks relatively thin below the current range between $0.88 and $0.75.
This suggests there is less trading activity at this range that could have supported the price. However, it has created a ‘volume gap,’ where price can move faster due to weaker demand pockets. Therefore, until and unless XRP manages to reclaim the lost support and break above the descending trendline, the broader structure remains tilted in favor of the bears.
If the weakness continues, the XRP price could next test the $0.88 support zone, with the $0.75 level acting as the next major downside target. That keeps the risk of a drop below the psychological $1 mark very much alive in the near term.
The current price structure suggests XRP remains under strong bearish pressure after losing the crucial $1.05 support zone. Trading below this level and slipping out of the high-volume value area has weakened the broader market structure, increasing the chances of a deeper correction in the coming sessions.
For the bulls to regain control, XRP needs to reclaim the lost support and push back above the descending resistance trendline. Until that happens, the downside risks remain dominant. If selling pressure persists, the token could revisit the $0.88 support zone, while a break below this level may open the doors for a drop toward $0.75, keeping the possibility of losing the psychological $1 support very much alive.
