XRP Struggles to Hold $1 Support Amid Inflation Fears

XRP has been clinging to its $1 support level for months, but its future remains uncertain. The token has plummeted by nearly two-thirds over the past year, and despite a recent rebound, it still sits in a tight range between $1 and $1.40.

Analyst EGRAG CRYPTO believes XRP needs to break through several key levels before it can make a sustained advance. According to their analysis, clearing the $1.30-$1.60 mark would be a crucial step towards validating a Wave 3 advance that could carry the token up to $3.00-$3.60.

However, if XRP fails to hold onto its current support level, it could plummet down to $0.75 or even lower. The inflation report scheduled for release on August 12 may have a significant impact on XRP's price action, as a softer-than-expected reading could boost the case for Federal Reserve rate cuts and inject fresh capital into risk assets.

The token's correlation with Bitcoin remains strong, and its fate is increasingly tied to forces beyond its own technical chart. Despite improving fundamentals, including the growth of tokenized real-world assets on the XRP Ledger, price confirmation has lagged behind, leaving holders frustrated by a chart that refuses to reflect the underlying activity.