XRP’s $1.11 Support in Jeopardy as Bearish Turn Puts Retail Investors on High Alert

▲ XRP decline/ChatGPT-generated image

XRP has broken below a key support level, sharply shifting its technical structure toward a bearish trend and raising alarms over the need to establish critical price levels to prevent further declines.

According to cryptocurrency media outlet The Crypto Basic on February 24 (local time), XRP has fallen about 3% over the past 24 hours and has undergone a 28% correction so far this year, reflecting broader market-wide selling pressure. Notably, the upward trendline that began at the February 11 low of $1.34 collapsed on February 22, leading to dominant analysis that the market structure has shifted from bullish to bearish.

Market analyst Casi recently stated that sellers have taken control after XRP lost a key support level. The zone that was expected to serve as a foundation for a strong rebound has been breached to the downside, turning the former support level into a strong resistance line. Casi identified $1.11 and $0.87 as major downside targets to watch if the decline continues.

A drop from the current price of $1.33 to $1.11 would represent an additional loss of დაახლოებით 16.5%. The $1.11 level was previously tested on February 6, when a strong rebound followed, but it remains uncertain whether the same level of support will hold this time. If that level also breaks down, warnings suggest a deeper correction of up to 34.5% toward the next support at $0.87.

However, if XRP reclaims and stabilizes above the $1.65 resistance level, the current bearish structure could be invalidated, allowing a return to an upward trend. In such a case, the recent decline could be reinterpreted as a simple false breakdown and a process of preparing for a new upward wave. Nevertheless, given the still-unstable macro market environment, a strong influx of buying pressure and liquidity will be essential to reclaim resistance levels.

XRP is currently at a technical inflection point, engaged in a difficult battle to overcome downward pressure. Investors are viewing the defense of the $1.11 support level as a key indicator of short-term direction, and a cautious approach amid volatility is advised until market confidence is restored. Whether this major support zone holds is expected to determine price movements in the coming weeks.

*Disclaimer: This article is for investment reference only and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*