XRP Price Hits Two-Year Low, Setting Stage for Potential Relief Rally

The cryptocurrency market has seen significant fluctuations in recent weeks, with XRP experiencing a sharp decline in price. According to market data, the token has dropped from around $3.40 to $1.32, highlighting a sharp decline in confidence and increasingly crowded bearish positioning.

However, sentiment alone isn't enough to trigger a relief rally. The token is trading near key support at $1.10-$1.12, with resistance around $1.80. If support holds, the setup could trigger a 15%-30% relief rally toward $1.50-$1.80.

The weekly chart of XRP price reflects a clear shift from expansion to correction, with the price dropping from highs near $3.40 to around $1.32. The MACD remains in a bearish crossover and continues to trend below the zero line, signaling sustained downside pressure. However, the RSI sits near 32-33, approaching oversold conditions.