XRP Price Faces Pressure as Support Level is Tested

XRP's recent price drop has led to a decline of 8% on the weekly chart, with the cryptocurrency testing its key psychological level of $1. This support level has been tested before, but it remains to be seen if XRP can hold here or if it will eventually turn into resistance.

The sell volume has made a higher high not seen since early February, reconfirming the bearish bias and showing that sellers have conviction. However, the chart appears oversold at the moment, which could lead to a more sustained bounce before buyers regain control.