XRP’s price has slumped to levels last seen in late 2024, extending a broader market decline that has pushed the token dangerously close to critical support zones. After losing 3.88% in the past 24 hours and 9.40% over the last week, XRP is now trading at $1.17, testing the February lows. Analysts warn that the token could slide further to the $0.92–$0.87 range as part of an extended Elliott Wave 3 decline.
CasiTrades, a prominent market analyst, notes that the current downturn resembles a powerful Wave 3 move, typically the fastest and most aggressive phase of a selloff. “XRP is developing a strong Elliott Wave structure, with key support forming near $0.92 to $0.87,” CasiTrades explained. The analyst added that oversold signals and persistently high open interest suggest capitulation is deepening, but a consolidation phase between $1.00 and $0.87 may be needed before any recovery can begin. A break above the $1.30 resistance level would be the first sign of a potential reversal.
Meanwhile, ChartNerd observed that XRP has fallen below its upper regression band near $1.35, a level that acted as a pivot in previous cycles. This technical break reinforces the bearish outlook, making a rapid rebound to $2 before the end of June increasingly unlikely. Despite the gloomy price action, on-chain data presents a mixed picture. Coin Bureau reports that more than 25 million XRP have left exchanges in recent days, typically a bullish signal, while XRP ETF products have seen net inflows. However, these factors have done little to offset the selling pressure driven by Bitcoin’s decline.
