XRP fell from its June 22 high of $1.16 to around $1.10 on June 23, extending losses of more than 5% after buyers failed to hold a breakout above a major resistance area. Selling picked up sharply late on June 22, when volume reached 65.4 million XRP, about 84% above the weekly average. The rejection came near the upper boundary of a multi-week descending channel, a level that has capped recovery attempts since late May.
Derivatives activity weakened at the same time. Falling futures open interest and lower leveraged positioning removed a layer of buying support, leaving spot trading exposed to a faster pullback. As bullish positions were unwound, XRP slipped through several short-term support levels and moved back toward the lower end of its recent range.
The $1.05 area is now the next downside level in focus
On the four-hour chart, XRP is close to breaking below the 78.6% Fibonacci retracement near $1.118, an area that had previously slowed selling pressure. Attention has now shifted to $1.05, which lines up with both the June swing low and the lower boundary of the Fibonacci structure.
Momentum indicators continue to lean bearish. The MACD on the four-hour timeframe has produced a bearish crossover, with the signal line still below zero. The RSI has dropped to around 32, putting XRP near oversold territory, but there is still no confirmed reversal signal. On the daily chart, XRP remains below the Supertrend indicator, which sits near $1.26 and has acted as dynamic resistance throughout the year. The pattern of lower highs and lower lows remains intact.
Resistance between $1.14 and $1.17 is still weighing on any rebound
CoinGlass liquidation data shows the largest concentration of leveraged positions between $1.14 and $1.17. That keeps this zone in focus as the main barrier for any short-term recovery. Additional liquidity sits near $1.19 and $1.20, which makes a stronger rebound harder unless buying demand improves materially.
Recent price action fits that setup. XRP failed to hold above $1.16, and the rejection quickly turned into heavier selling, showing that sellers are still defending overhead levels. As long as price stays below the $1.14-$1.17 range, the market is likely to keep watching the lower support band rather than pricing in a sustained recovery.
Macro uncertainty and softer network activity add to pressure
Technical weakness is not the only factor. A sell-off in major technology and semiconductor stocks has hurt appetite for speculative assets, while geopolitical tensions in the Middle East have added uncertainty across global markets. Concerns around inflation and interest rates have also pushed some investors toward lower-risk assets and yield-focused instruments, reducing the flow of fresh capital into crypto.
Network activity has softened in recent weeks as well. Products tied to XRP have continued to post cumulative institutional inflows over recent months, but spot demand has weakened. Lower transaction activity and reduced retail participation have cut into organic buying pressure, leaving XRP more exposed to liquidity gaps during periods of stress.
If XRP cannot reclaim the $1.14 to $1.17 zone, traders may keep looking at $1.05 as the next key support. A break below that level would leave $1 as the next major downside target on the chart.