XRP Price Dives Below Key Support as Selling Pressure Intensifies

The price of Ripple's XRP token has continued to decline, dipping below the key support area of $1.00 amid extreme fear in the cryptocurrency market.

The XRP derivatives market has also seen a significant drop in open interest, with perpetual futures slipping to $2.41 billion. This indicates a lack of confidence among investors and suggests that rallies may face strong resistance as long as the token trades below its moving averages.

Despite attracting $7.44 million in inflows for XRP spot ETFs on Tuesday, the outlook remains weak due to prevailing momentum indicators. The Relative Strength Index (RSI) is hovering in oversold territory near 29 on the daily chart, and the Moving Average Convergence Divergence (MACD) histogram is printing negative values, hinting at downside pressure persisting even if short-covering bounces emerge.