XRP Price Dives Below $1 Amid Record Adoption Metrics

XRP's price has fallen below $1 for the first time since November 2024, despite record adoption metrics across the XRP Ledger (XRPL). This move comes after the altcoin defended the level of $1 for 635 consecutive days. According to analysts, a psychological support level is a round number that traders defend collectively, often regardless of underlying fundamentals.

The streak ended on August 11, with XRP printing $0.9915, its first move below the level since November 2024. Analysts identify $0.70 to $0.90 as the next support zone, with a broader zone extending toward $0.86 if selling accelerates.

Reclaiming ground requires specific progress, with buyers needing to push above $1.03 to meaningfully improve the short-term structure. Fund flows offer little encouragement, with spot product net inflows totaling $3.27 million in August, down roughly 88% from July's $27.29 million.

Some analysts point to institutional adoption as a reason for XRP's potential growth, citing Aviva Investors' launch of a tokenized fund on the XRP Ledger with approval from the Central Bank of Ireland. Real-World Assets value on the XRPL sits near $4.06 billion, after adding roughly $2.5 billion over six months.

Lark Davis noted that the token network relationship is genuinely unresolved and at historic RSI lows within institutional adoption accelerating the risk-reward for being wrong on the bearish side is significant.