XRP Clings to $1.00 as Technical Charts Warn of Deepening Pressure
XRP has held above the $1.00 mark for 635 consecutive trading days since Trump's 2024 election victory, but mounting technical damage and a recent bridge exploit suggest the streak faces serious headwinds.
The 635-Day Dollar Defense Frays
XRP continues to trade near $1.00, maintaining a remarkable streak of closes above parity that began in November 2024 following Donald Trump’s election win. The resilience at this psychological level has become notable, with the asset surviving multiple test below $1.00 throughout August alone. However, recent trading activity reveals mounting pressure on this support level, with XRP dipping to around $0.9862—a price last seen just before the November rally that eventually drove the asset toward an all-time high near $3.65.
The streak’s durability was tested most seriously earlier this month when a bridge exploit drained approximately $200,000 through a cross-chain connection between the TX Chain and the XRP Ledger. The incident pushed XRP briefly below $1.00 on both August 11 and August 14, though buying interest returned before the daily close on each occasion. That defensive bid remains active, though traders increasingly question whether it can persist.
Daily Charts Turn Bearish as Weekly Convergence Looms
Technical indicators paint a cautionary picture despite XRP’s price resilience. On the daily timeframe, XRP’s 50-day exponential moving average has crossed below the 200-day EMA—a pattern traders refer to as a death cross. This configuration suggests that sellers have dominated the short-to-medium-term trend for weeks, even as the asset holds its key support.
Zooming to the weekly chart reveals an even more ominous setup. While XRP’s 50-week EMA remains above its 200-week EMA—preserving the golden-cross structure that underpinned the entire post-election rally—the gap between these averages has been steadily narrowing over months. The weekly Average Directional Index now stands at 33.7, signaling a strong trend regardless of direction. A reading above 25 confirms a trend in place, suggesting the downward pressure is both real and entrenched.
Broader Market Backdrop
XRP’s struggles arrive as crypto broadly grinds through an extended bear market with no confirmed bottom. Bitcoin has declined more than 3% over the past week, trading below $64,000, while Ethereum struggles to hold $1,900 support. Most of the top 10 cryptocurrencies have moved less than 2% in either direction, reflecting low conviction across the sector. In contrast, traditional markets show divergent strength, with the S&P 500 and Nasdaq hovering near recent highs, buoyed partly by AI-related buying interest.
Source: Decrypt. Not financial advice.