Recently, XRP has shown a significant weakening after multiple unsuccessful attempts to break out around the $1.95 mark. On Saturday evening, the price ended a several-day range fluctuation, breaking below the crucial support level of $1.93, with Trading Volume simultaneously increasing, indicating that selling pressure is starting to dominate. Against the backdrop of a mixed performance in the overall Crypto Assets market and a cooling risk appetite, XRP's weak performance is particularly pronounced.
From the market environment, Bitcoin's rebound is weak, and mainstream altcoins are facing selective sell-offs rather than a systemic collapse. Analysts point out that since XRP broke the psychological barrier of 2.00 USD earlier this month, the sustainability of the rebound has been clearly insufficient, with multiple highs quickly retreating, reflecting a lack of confidence among high-level buyers.
On-chain data also releases bearish signals. Glassnode shows that once XRP falls below $1.77, the actual supply dense area will significantly decrease, with strong historical cost support reappearing only around $0.80. Although this scenario leans more towards the medium to long term, the loss of mid-term support undoubtedly increases the sensitivity of price declines.
From a technical perspective, XRP chose to break down after a long period of consolidation in the range of $1.90 to $1.95. $1.93 had previously acted as a support level multiple times, but was breached with increased volume during the US trading session, turning the original support into short-term resistance. The key drop occurred around UTC 13:00, with the price hitting a low of about $1.897, and the trading volume was nearly 80% higher than the 24-hour average, confirming the failure of the consolidation structure.
The short-term chart shows that XRP is currently running below the short-term moving average, and the momentum indicators have not shown any significant divergence, indicating limited rebound momentum. Traders should pay close attention to whether the support level at 1.90 USD can be maintained; if it fails to hold, it may trigger further selling pressure. Conversely, any effective rebound needs to quickly reclaim 1.93 USD with increased Trading Volume to alleviate the current weak technical structure.
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