XRP Price Stuck at $1, Buyers Defend Critical Support Zone

XRP's price has been hovering around the $1 mark after slipping below it earlier this month, leaving traders wondering whether the cryptocurrency can stabilize near its $0.98 support zone.

Short-term charts suggest a possible relief bounce, but broader technical indicators indicate that sellers have the upper hand.

The descending 1-hour channel is putting pressure on XRP's price, with both the upper and lower boundaries guiding recent action. The analyst notes that a reaction could develop at the lower boundary, potentially leading to a bounce and retest.

A sustained defense of the $0.9766 support zone would give the price room to recover toward the middle or upper portion of the short-term channel.