Analyst Warns XRP May Plunge Below $1 Amid Selling Pressure
XRP has failed to reclaim levels above $3 over the past week, triggering a 4.4% weekly drop and intraday swings between $2.71 and $2.85. Selling pressure built after XRP lost its $3 handle on August 28. A three-day candlestick analysis on TradingView signals extended bearish momentum, projecting a potential crash toward $1, with scarce technical supports until then. If current supports break, XRP could even test the $0.70–$0.50 range, revisiting imbalance zones from its late-2024 rally. At press time, XRP trades at $2.82, down 0.5% in 24 hours amid a broader crypto pullback linked to recent PCE data. Trading volume and volatility remain high, with a 4% rebound from an intraday low of $2.71. The critical threshold to watch is $2.70. A sustained break below this level could trigger the bearish scenario forecasted by analysts.
Bearish
The technical setup indicates a bearish shift after repeated failures to rally above $3. A three-day candlestick analysis highlights dominant selling pressure and a lack of intermediate supports, making a drop toward $1 plausible. Similar past corrections in XRP and other altcoins have seen rapid downward moves when imbalance zones were revisited. In the short term, traders may push XRP below key supports at $2.70, triggering stop-loss cascades. Over the longer term, testing the imbalance zone around $0.70–$0.50 could restore equilibrium before any sustainable recovery. Macro headwinds from uncertain interest rate cuts add to the pressure, reinforcing a cautious trading stance.