XRP Price Faces Key Test as Analysts Warn of Potential Consolidation Phase

Ripple's XRP token has been under pressure in recent days, with prices falling to around $1.16 after a loss of over 3% in a single day.

The decline comes amid renewed weakness across the cryptocurrency market, which is being driven by concerns over global growth, elevated oil prices, and uncertainty surrounding the Federal Reserve's interest rate path.

According to analysts, a potential drop towards $1.03 could be part of a longer consolidation phase rather than the start of a deeper downtrend.

The move would be tied to technical factors, including the token's Ichimoku cloud chart, which indicates that XRP is currently trading above a major support zone created by the cloud structure over several years.