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XRP fell about 1.5% to around $1.17 on Thursday, extending declines from a weekly high near $1.29 and more than 50% below its January peak above $2.40.
The latest drop came as traders digested the Federal Reserve’s decision to keep interest rates steady in Kevin Warsh’s first policy meeting as chair. The central bank held its benchmark rate at 3.5%--3.75%, reducing expectations for near-term easing and weighing on risk assets. Higher-for-longer rates typically make speculative tokens such as XRP less attractive versus cash, bonds, and other yield-bearing assets.
Against this macro backdrop, XRP’s daily chart shows a bearish technical setup. The price appears to be breaking down from a bear flag, a pattern that forms when price consolidates upward after a sharp decline.
XRP dropped from around $1.30 to nearly $1.08 earlier in June, forming the flagpole. Its subsequent rebound inside a narrow rising channel created the flag, but the recovery now looks vulnerable.
XRP has slipped below the flag’s lower trendline near $1.16--$1.17. If the breakdown is confirmed by a daily close below that zone, the measured target is near $0.97, implying a roughly 15% decline from current levels.
The moving average structure also favors sellers. XRP is trading below its 20-day, 50-day, 100-day, and 200-day exponential moving averages (EMAs), indicating that short-, medium-, and long-term trend signals remain pointed lower.
A move back above $1.20 would weaken the immediate breakdown, but XRP would likely need a stronger close above $1.28 to invalidate the bear flag setup.
On-chain valuation data also aligns with the bearish technical target. Glassnode’s MVRV extreme deviation pricing bands show XRP trading below its realized price and moving toward the green lower valuation band, described as a historically depressed area where XRP has often searched for support during deeper market corrections.
The confluence is centered around the same region: the bear flag breakdown projects a decline toward roughly $0.97, while the MVRV green band sits around $0.96--$1.00. The overlap strengthens the case for a downside retest if selling pressure persists.
For bulls, defending the $1 level is described as crucial. A breakdown below $1 could increase the risk of deeper capitulation, while a strong rebound from the green MVRV band may suggest XRP is entering a more attractive accumulation zone. Until then, XRP remains vulnerable as macro pressure, weak momentum, and bearish technical signals converge.
Ready Card users outside the European Economic Area have reportedly faced an abrupt service halt after a transition involving the card issuer disrupted the USDC spending product, according to user notices shared on X.
A notice shared…
