XRP Price Action Hints at Breakout-and-Retest Scenario

XRP's price action has been volatile in recent days, plummeting 69% from its recent high of $3.66. Despite the significant correction, analysts believe that the broader bullish structure remains intact. According to Crypto Patel, XRP is currently trading within a key accumulation zone, with support levels around $0.86 and $0.66.

The sharp correction has led to a capitulation event, with Ripple recording its largest realized loss spike since November 2022, attracting $1.93 billion in weekly losses. Historically, periods of extreme capitulation have often coincided with local bottoms, raising the question of whether this sharp correction could ultimately set the stage for the next major move.

Crypto Patel emphasized that maintaining a price above $0.66 is critical for preserving the broader bullish outlook. If the price fails to hold above this level, it would invalidate the bullish thesis and signal a structural breakdown. On the other hand, if the price holds above $0.66, it could set the stage for a near 10x move from the accumulation zone.