XRP Falls to Year-Low as $1 Support Level Comes Under Pressure

XRP has fallen to its lowest daily close of the year, testing its defense of the $1 level. The cryptocurrency closed at $1.027 on August 6, according to data from The Crypto Basic. This marks a decline from previous lows, with XRP previously falling to $1.009 in June but recovering before closing near the year's low.

Market attention has turned back to the $1 support level, with a drop below it potentially being the first since November 2024. The weakness of XRP has coincided with repeated failures to break through technical resistance, according to Crypto analyst ChartNerd. He notes that XRP has been rejected at major moving averages, including the 50-day exponential moving average in eight out of ten weeks.

ChartNerd also points out that XRP's relative weakness against Bitcoin has become more pronounced, with a fall of around 17 percent since mid-June. He warns traders to be wary of lower highs until there is confirmation of a change in market structure.