Ripple (XRP) is currently trading at levels of $1.16, down about 10% over the past seven days, following a sharp decline to multi-month lows that coincided, in painful irony, with the fourteenth anniversary of the token’s launch.
This pullback briefly pushed the price of Several support levels have been broken, and the market structure at the start of the week offers little comfort to holders trying to reduce their average purchase cost.
On June 2, 2012, Ripple co-founder Arthur Brito released the code that generated 100 billion XRP tokens, serving as the starting point for the entire ecosystem. Thirteen years later, the “Christmas present” was a rapid drop to $1.20, liquidations of debt-financed positions worth approximately $30 million, and market capitalization collapsing from over $85 billion to less than $75 billion in the span of a few days.
The pressures did not stop there, as stablecoin USDC overtook XRP to become the fifth largest cryptocurrency by market capitalization on the CoinGecko platform. In the absence of anything positive in the broader altcoin market, a risk-averse sentiment prevails, and XRP’s repeated failure to break the resistance range between $1.50 and $1.60 – most recently a rejection at $1.55 in mid-May – has left the chart structurally weak as sellers regain control.
Will XRP regain support at $1.40 or is a drop below $1.00 next?
XRP price stands at $1,152 on the daily chart, and the price is currently testing the February low, which was the most important support level on the entire chart. The drop that occurred in February towards the $1.10 to $1.12 levels is considered the “final bottom” as XRP sits directly above it after a strong selling wave that lasted 3 weeks and led to the complete erasure of recovery gains made between March and May.
The fact that four months of base building between $1.20 and $1.60 disappeared in the span of a few weeks constitutes a major structural failure and indicates that the demand that held this range was not as strong as the chart showed at the time. If the currency closes daily below $1.10, it will enter virtually uncharted territory during this period, without any tangible support below, as the next reference point will be the distant 2024 lows.
On the upside, the $1.30 level is the first level that must be reestablished to start talking about a possible recovery, and above that, the $1.50 level represents the midpoint of the range that must be crossed before rebuilding an optimistic scenario. The only remaining positive is that the price is currently in a significant historical retracement zone, and the speed and intensity of selling can sometimes lead to temporary technical rebounds before a possible continuation of the decline.
However, the technical structure remains broken, and as the price basis has failed, this chart currently presents more downside risk than upside opportunities unless the $1.10 level proves stable at the daily close.
Why is smart money flocking to projects like Bitcoin Hyper?
When an established altcoin loses 9% of its value in one week, turns all of its major support levels into resistance, and cedes its place in the top five to a stablecoin, it’s not just passing noise, it’s a clear signal sent by the market. Historically, when capital exits mid-cap altcoins that are in surplus, it looks for opportunities in emerging projects whose potential has not yet been fully assessed, and the Bitcoin Hyper project appears to be on that path.
The project is currently in the pre-sale phase at a price of $0.0136811 and has already managed to raise $32.8 million, a figure that reflects real investor confidence. The project presents an ambitious technical vision; It presents itself as Bitcoin’s first layer 2 with full integration of the Solana virtual machine, promising to quickly execute smart contracts and reach the final state of transactions in less than a second, surpassing the speed of Solana itself while maintaining the security derived from the Bitcoin network.
The project infrastructure is complemented by the presence of a decentralized canonical bridge to process cross-chain Bitcoin transfers, in addition to the implementation of low-cost and high-speed transactions, and a staking mechanism that provides lucrative annual returns. Smart money is usually accumulated in such projects in their early stages, before the product is finally proven and before the market value reflects the scale of what is actually being built.
XRP’s 14th Anniversary Post-Drop: Will Price Break $1.00 Barrier? appeared first on Cryptonews Arabic.
