Analyst: XRP Lacks Nearby Support — Next Strong Floor Could Be Below $1
Analyst Scott Melker (Wolf of All Streets) says XRP’s recent sharper-than-average decline is due to a fall into an “air pocket” — a price zone with limited buying interest after the weekly horizontal support at $1.61 was breached. XRP traded as low as ~$1.20 before a quick 17.78% 24-hour rebound and is currently around $1.49. Historically, $1.61 served as a significant support (April and October 2025), but Melker identifies the 200-week moving average near $1.10 as the next technical level — with a warning that 200-week MAs have recently failed for other major altcoins (ETH, SOL). He adds material support may only exist below the psychological $1 mark (over 32% lower from current levels). Broader market pressure — notably Bitcoin’s drop below $66,000 and then $65,000, contributing to large realized losses — is cited as a primary driver of XRP’s weakness. The analyst frames the rebound as reduced selling pressure but stresses price direction remains uncertain; traders should watch $1.61, $1.10 (200-week MA) and the $1 psychological level for potential support or further downside.
Bearish
The report and Melker’s analysis point to limited near-term support for XRP after the breach of the key $1.61 horizontal level and a drop into an ’air pocket.’ Technicals indicate the next commonly cited floors are the 200-week MA (~$1.10) and the psychological $1 mark — the latter more than 32% below current levels. Combined with broader market weakness (Bitcoin capitulation events and large realized losses), selling pressure is likely to persist in the short term. Historical parallels: when major assets breached long-term MAs (e.g., ETH and SOL recently), follow-through downside and volatility intensified before eventual recovery, suggesting XRP could experience further volatility and potential deeper declines before finding lasting support. For traders: expect increased downside risk and wider intraday ranges; use strict risk management, watch $1.61 for a reclaim as a potential bullish signal, monitor whether the 200-week MA holds, and prepare for possible moves toward the $1 psychological level if selling resumes. Long-term outlook depends on macro market recovery and whether on-chain/institutional demand returns to re-establish higher support levels.