XRP’s price fell sharply from recent highs, triggering market panic. On-chain data shows approximately $1.93 billion in weekly realized losses, a sign of capitulation often seen near local bottoms. Analysts point to the $0.66 to $0.86 zone as a critical multi-year demand area. Despite the drop, some traders view this as a normal shakeout, noting the asset’s prior 835% rise from its accumulation base.
The digital asset XRP faced a sharp correction, declining roughly 69% from its recent peak according to a claim made by Crypto Patel. This drop has triggered fear among short-term holders as the price moved near $1.39.
On-chain metrics from Santiment indicated heavy loss realization, with weekly realized losses reaching approximately $1.93 billion. Such pronounced selling has historically sometimes occurred near market bottoms.
Traders are now closely watching a key support zone between $0.66 and $0.86, which is considered a multi-year demand area. Market analysts believe large rallies in selling can precede upward price movements as professional investors accumulate.
A trader named JD highlighted a symmetrical triangle formation on XRP’s monthly charts dating to its 2018 peak. The chart also shows a possible hidden bullish divergence, where price forms higher lows while momentum charts form lower lows.
