XRP Plunges Below $1.40, Panic Selling Mounts: “If $1.30 Breaks, It’s Over”

▲ XRP (XRP) / ChatGPT-generated image

As the broader cryptocurrency market deepens its downward trend, XRP has heightened investor anxiety by losing the $1.40 support level and confirming a short-term bottom.

According to CoinMarketCap on February 23 (local time), XRP is trading at $1.34, down 5.91% over the past 24 hours, maintaining its position as the fourth-largest cryptocurrency by market capitalization. XRP attempted to rebound to $1.42 during intraday trading but failed to overcome selling pressure, slipping to around $1.33 and showing a clear bearish trend. Trading volume reached $2.10267 billion, surging 48.54% from the previous day, suggesting significant panic selling during the price decline.

XRP’s market capitalization currently stands at approximately $81.77 billion, maintaining a solid market share despite the downturn. However, compared to its all-time high of $3.84 recorded in 2018, the token remains down 65.12%, deepening concerns among long-term investors. As market leaders such as Bitcoin (BTC) and Ethereum (ETH) also decline, XRP has been unable to find independent momentum for a rebound and continues to move in line with the broader market trend.

In terms of circulating supply, about 61.01 billion XRP are currently in circulation, representing more than 61% of the maximum supply of 100 billion tokens. With the outcome of the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) remaining a key market variable, real-time price charts show increased asset inflows to exchanges following the breakdown of major support levels, adding further downward pressure. Whether XRP can defend the psychological support level at $1.30 is expected to be a watershed moment determining its price direction in the coming weeks.

Experts suggest that if XRP consolidates around $1.33 and achieves a technical rebound, it could reclaim the $1.40 level. However, with the relative strength index continuing its downward trend and 24-hour trading volume surging in support of the decline, the prevailing view is that it would be prudent to wait for market stabilization rather than pursue aggressive buying. Unless significant positive catalysts emerge, such as new use cases announced within the XRP Ledger ecosystem, XRP is likely to face a prolonged battle near the lower end of its trading range for the time being.

The cryptocurrency market, after a prolonged correction, stands at another critical juncture. As buying forces attempt to defend the strong psychological threshold of $1.30 against fearful retail sell-offs, heightened volatility is expected to persist in the near term.

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