XRP faces $1.30 weekly test as traders watch for breakdown or double bottom
Crypto analyst Steph warns XRP investors that “all eyes on Sunday” after XRP slipped about 15% from ~$1.34 to ~$1.14 and broke below the key $1.30 level (June 1). The focus is a decade-long support trendline that historically sparked sharp rebounds for XRP, but is now being challenged.
In contrast, Stellar (XLM) surged over 90% from ~$0.15 to near ~$0.30, helped by a DTCC integration announcement, and it recently showed a similar double-bottom structure before breaking higher. Steph says XRP has not followed the same pattern, calling the setup “very dangerous and very scary.”
The immediate trigger is the Sunday close on the weekly chart. Steph’s threshold is clear: XRP needs to close around/above $1.30 to avoid confirming a bearish breakdown that could open the door to lower targets.
On the daily chart, XRP is also being tested near a potential double-bottom area, with a February low around ~$1.12. If XRP forms a structure similar to XLM’s, the current weakness could resolve upward.
Traders should monitor XRP around the $1.30 level into the weekly candle close, since the close may determine whether momentum turns bearish continuation or a recovery attempt develops.
Bearish
Steph’s bearish case is anchored to XRP’s loss of the $1.30 level and the potential confirmation of a weekly breakdown on Sunday’s close. When XRP repeatedly bounced off the decade-long support in prior cycles, traders treated that level as a high-probability defense; now the same defense is being tested while price action underperforms the similar XLM setup. Historically, when a long-term support level breaks and the weekly candle confirms, it often triggers momentum-driven selling, with traders adjusting risk and widening downside targets.
However, the article also highlights a possible counter-signal: a daily double-bottom near ~$1.12. If XRP holds that area and Sunday’s close stays near/above $1.30, the breakdown narrative weakens and a recovery can begin. Net effect: until the weekly close, price behavior is likely to remain volatile, with downside risk dominating. Short-term, traders may front-run the $1.30 decision via tight risk controls; long-term direction depends on whether XRP reclaims/holds above $1.30 to restore the prior rebound structure.