The price of XRP fell sharply below $1.30 after the US military action against Iran triggered panic in global financial and crypto markets.
At the time of writing, the price of XRP was at $1.2888, down 1.29% since it opened early Thursday in Asian trading.
The fall came as the crypto market saw nearly $1 billion in leveraged positions liquidated in 24 hours.
The vast majority involved ‘long’ positions, or investors expecting the price to rise.
Bitcoin recorded the largest liquidation at around $386 million, followed by Ethereum at $246 million, while XRP also fell around 3.6%.
Market analyst Cheds Trading said XRP is now ‘bleeding to the bottom of the daily range’ indicating increasing selling pressure as the price breaks through a key support zone that has held for the past few months.
The $1.30 level was previously considered a major support for XRP.
However, when the level is broken with high trading volume, it signals that the market momentum may turn bearish in the short term.
XRP is also currently trading below most major moving averages, while technical indicators such as the RSI and MACD are showing weak momentum.
From a technical perspective, analysts are watching the ‘symmetrical triangle’ pattern that has been forming since early 2025. XRP is currently near the bottom of the pattern.
If the price fails to return above $1.30, XRP has the potential to fall lower to the mid-$1.20 area or even around $1.10.
Meanwhile, the spot XRP exchange-traded fund (ETF) did not record any capital inflows or outflows during Wednesday’s trading session.
While this is better than the Bitcoin ETF which experienced withdrawals of around $700 million, it still indicates slowing investor interest.
Nevertheless, the monthly performance of the XRP ETF is still strong. So far, the XRP ETF product has collected over $118 million in net assets, making it the best monthly performance of the year.
Blockchain data also shows that XRP continues to be transferred out of centralized crypto exchanges.
Some traders see this trend as a sign that long-term investors are accumulating their holdings.
Ripple’s RLUSD stablecoin now surpasses $1.8 billion in assets under management, making it the third-largest regulated stablecoin on the market.
The XRP Ledger network also recorded a 30-day adjusted transaction volume of around $11.8 billion.
