XRP Holds Key $1.07 Support, but $1.18 Remains Major Obstacle

XRP has managed to hold above a critical support zone despite recent weakness.

Meanwhile, the coin remains vulnerable to further downside unless buyers reclaim a major resistance level. 

Recent chart formations show XRP continues to trade above the $1.07 dark pool and the $1.11 delta support zone. Buyers have so far defended these areas, preventing a deeper decline and keeping the possibility of a recovery alive.

However, the larger concern is the strong rejection XRP faced at the $1.18 dark pool. Failure to break above that level indicates that sellers still control premium pricing. This suggests that the latest rebound may have been driven by short sellers taking profits rather than fresh institutional accumulation.

XRP Bulls Need to Reclaim $1.18

The bullish scenario for XRP remains relatively clear. If buyers can reclaim $1.18 as support, the token could begin a more meaningful recovery.

In that case, XRP’s next upside targets would be around $1.29 and $1.36. From its current price of $1.13, a move to $1.29 would represent a gain of approximately 14%, while a rally to $1.36 would imply a rise of about 20%. 

While seemingly attainable, bearish market sentiment could hinder even such a modest move. 

Breakdown Below $1.07 Could Trigger Deeper Losses

On the downside, the $1.07 level is XRP’s final major defense zone. A breakdown below that support could expose it to significantly lower prices. The next major support zones are at approximately $0.91 and potentially $0.69.

If XRP falls to $0.91 from its current levels, it would represent a decline of roughly 19.5%. A drop to $0.69 would amount to a steeper correction of nearly 39%.

XRP Down Nearly 39% This Year

Data from CoinMarketCap shows XRP is trading at $1.13, down 1.14% over the past 24 hours. The cryptocurrency has also declined 5% over the last seven days, 15% over the past month, and 38.5% since the start of the year.

Despite the recent weakness, XRP’s ability to remain above the $1.07 support zone suggests buyers are still defending key levels. Whether the token can reclaim $1.18 in the coming sessions may determine if the next major move is a recovery toward $1.29 and $1.36 or a deeper decline toward the $0.91 and $0.69 support zones.

Downside Risk Based on Elliott Wave

An earlier report by The Crypto Basic revealed that XRP may be heading lower, as Elliott Wave analysis suggests it is still moving through a corrective phase. It indicates that lower prices are possible before a sustained recovery.

Key downside targets include the 50% Fibonacci retracement at $0.9859, about 13.5% below current levels. If selling pressure intensifies, XRP could fall to the 61.8% retracement at $0.7367, representing a decline of roughly 35%.