XRP's recent price action has left investors in a precarious position as it has broken below a key support level.
However, the cryptocurrency seems to have found support on an older descending channel that has been guiding its price movement since August 2025.
The breakdown of the straight support range that had held since February has raised concerns among traders and investors. The loss of this support level has weakened XRP's position, but the finding of support on a broader descending channel could give bulls a chance to recover.
Analysts believe that if XRP holds above $1.10, it would be a crucial sign that the channel-support argument remains valid. However, a loss below this level would weaken the channel-support argument and put pressure on the bulls.