XRP has slipped beneath its long-held support at $1.40, marking a significant shift in the cryptocurrency market. In recent weeks, XRP had managed to stay steady at $1.40, but intense selling pressure pushed the price down to $1.38 and kept it below this critical level. The breach has caught the attention of traders and analysts, with implications for both XRP and the broader altcoin market.
Altcoin market shows signs of weakness
During this period, Bitcoin‘s dominance in the market has approached 60 percent, indicating a shift among investors away from altcoins and back toward Bitcoin. This trend is apparent across other altcoins as well, but XRP’s recent drop especially highlights the fatigue setting in across the market.
The market, having been largely flat for some time, saw XRP break down decisively from its consolidation range. For the first time after an extended sideways trend, XRP lost its balance with substantial trading volume, starting to trade below the crucial $1.40 support.
Key support and resistance levels emerge
Looking ahead, $1.40 now acts as a resistance level for XRP, and unless the price climbs convincingly above this barrier, sellers are expected to dominate any upward moves. If $1.40 cannot be reclaimed, the next significant support is at $1.37. Should this level also be breached, there is a risk of further declines toward the $1.32–$1.28 range.
The increased volume accompanying the selloff suggests that the price move is not just due to thin liquidity but is driven by actual market selling. XRP’s continued consolidation below $1.40 indicates buyers are not stepping in with force, and any rebound attempts currently lack momentum.
With the loss of the $1.40 support, this level must now be watched as resistance. If the price fails to break above $1.40 in the short term, upward moves are expected to remain limited and XRP could continue to face selling pressure.
Significance of the price action
According to market observers, sharp breaks below such strong support levels are seen as key indicators that the short-term trend has turned in favor of the bears. The fact that this latest move was backed by strong trading volume points to a shift in market sentiment, rather than just a short-lived dip.
Attempts at a quick recovery have so far been muted, with market participants remaining cautious below this important zone. There’s little sign yet of strong buying appetite, as traders wait to see if stabilization or further declines will follow.
For XRP, a swift and lasting return above $1.40 would negate the current downtrend. However, as long as the price remains below this threshold, the risk of further downside persists and selling pressure remains elevated.
