XRP Price Massacre: Key Support Levels Obliterated
The technical situation for XRP has become critical in recent hours. The Ripple token is experiencing a massive correction, now displaying a staggering 69% drop from its peak of $3.66. This bearish movement has led to the brutal breakdown of the support at $2, a level that had previously served as a psychological stronghold for the bulls.
Currently, the price is testing a crucial demand zone on higher timeframes, around the $1.34 level. If buyers fail to defend this level, the market structure could shift into a long-term bearish scenario. XRP’s inability to maintain its recent gains is concerning analysts, who are now monitoring volumes to detect potential signs of seller exhaustion.
Massive Capitulation: $1.93 Billion in Realized Losses
Beyond price action, on-chain data reveals the extent of the panic. According to the latest analysis from Santiment, the Ripple network has just recorded its largest peak of realized losses since November 2022. In a single week, more than $1.93 billion in losses have been realized by holders.
This phenomenon is characteristic of a capitulation phase. Historically, such loss peaks occur when “weak hands” panic sell their positions, thereby transferring their tokens to more seasoned investors or whales. While painful in the short term, this market cleansing is often a necessary prerequisite for forming a solid floor before a potential trend reversal.
Can XRP Defend $1.30 and Restart the Engine?
So has XRP hit the bottom? To hope for a reversal, the price must imperatively stabilize above the $1.34 zone and initiate a consolidation phase. A technical bounce could target a retest of the order block at $1.48, which will now act as major resistance.
However, if selling pressure persists and this last stronghold gives way, XRP could slide toward the symbolic one-dollar mark. The coming days will be decisive in validating whether this massive purge marks the end of the correction or simply a step toward new lows.
For now, the wick indicates a swing failure in XRP’s price and a reintegration of the range. This is a bullish signal, provided that $1.34 is maintained. But for the long term, everything will depend on whether Bitcoin breaks below $60,000 or not.
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