XRP Seeks Support at $1 as Clarity Act Shelved and Analysts Raise Oversold Warning

XRP is in trouble after sliding towards $1 on Tuesday due to a two-week chart pattern confirming its downside target. The Senate's decision to shelve the Clarity Act, which was seen as a near-term catalyst for XRP's recovery, also weighed on the asset.

Crypto analyst Ash Crypto noted that XRP's monthly RSI is now more oversold than during the 2020 COVID crash, sitting at 72% below its all-time high. He flagged this reading as historically extreme and asked if the bottom is in for XRP.

The $1 level is now a key target for XRP, according to derivatives data, which shows that long traders are under pressure. The measured move from the breakdown of the topping pattern targets $1 to $1.02, the demand zone where buyers previously stepped in.