XRP Price Tests Critical Support at $1.05 Amid Broader Market Risk-Off
XRP's price has broken below its rising trendline and is now testing support around $1.05, according to Coindoo.
The breakdown confirms the downside risk discussed in a previous analysis, which noted that buyers couldn't build on the defense of the trendline during the previous session.
A sustained break below $1.05 could expose the June 26 bottom near $1.01, and spot and futures traders have already reduced their exposure to XRP, with Coinglass data showing a net outflow of approximately $2.54 million in spot trading and $24.02 million in futures.
The broken trendline is now resistance for XRP, making it difficult for the price to recover without renewed spot demand, and the market's wider risk-off mood ahead of rate decisions from major central banks could further contribute to selling pressure.