XRP slid roughly 5% to hit $1.05 on July 28, slipping beneath a critical support level near $1.054. This drop marked a continuation of a downtrend that has gripped the token since May, dragging the price toward the psychologically important $1 mark and recent lows around $1.01 to $1.03.
Trading data from crypto.news shows XRP forming a double-top pattern on the 4-hour chart, with two rounded peaks close to $1.17 failing to sustain upward momentum. The break below the horizontal neckline at $1.054 confirmed the bearish setup, accelerating the sell-off. Momentum indicators reinforce the speed of the decline; XRP's 4-hour RSI plunged to 25.93, signaling oversold conditions but not necessarily a bottom.
Liquidations Fuel Sharp Downtrend
Leveraged long positions have been forced to unwind as XRP breached key levels. CoinGlass' 24-hour liquidation heatmap highlights the token falling from around $1.11 to $1.05, sweeping through clusters of stop-loss and liquidation zones near $1.095, $1.08, and $1.06. This cascade of liquidations amplified the selloff and may challenge any quick recovery attempts. XRP currently hovers near another liquidity zone between $1.043 and $1.05, a level to watch for potential support or further breakdown.
Recovering above the broken $1.054 floor and establishing a higher low will be key for halting the downward momentum. Until then, the path appears tilted toward more downside risks for XRP holders. Meanwhile, market participants remain cautious as technicals signal persistent selling pressure.
This content is for informational purposes and does not constitute financial advice.
