XRP experienced a sharp selloff, extending losses and trading below the critical $1.80 support level. The price decline, part of a broader cryptocurrency market weakness led by Bitcoin, accelerated after XRP failed to hold above $1.90. The token plunged approximately 6.7%, dropping from around $1.88 to a session low of $1.71, before stabilizing in a narrow range between $1.74 and $1.76.
The breakdown below the $1.79-$1.82 support zone triggered a wave of forced selling, as evidenced by a surge in trading volume. This move led to over $70 million in XRP futures liquidations, with the vast majority coming from long positions. The liquidation cascade highlights how crowded leveraged positioning amplified the downside momentum once key technical levels were breached.
Technically, XRP is now trading below $1.80 and the 100-hour Simple Moving Average. A key bearish trend line is forming with resistance near $1.8050 on the hourly chart. The immediate support zone is seen between $1.74 and $1.72. If this level fails, analysts warn the price could decline further toward $1.70, $1.6720, and potentially $1.65.
For any recovery, bulls must first reclaim the $1.80 resistance level. A close above this could target the $1.8250 area, which aligns with the 50% Fibonacci retracement level of the recent drop from a $1.938 swing high to the $1.710 low. Further resistance sits at $1.85, $1.88, and $1.92. However, with volume fading on rebound attempts and former support now acting as resistance, the near-term structure remains bearish. Traders indicate that direction is currently dictated by technical levels and correlation to Bitcoin, rather than any token-specific news.
