- Analyst Jordan Kerridge says XRP has dropped below its last line of defense at $1.15.
- For any chance of meaningful relief, XRP needs to rebound quickly above $1.15.
- XRP’s price decline reflects the overall trend in the broader cryptocurrency market.
A crypto analyst has identified a significant weakness in XRP’s price structure that could lead to further decline. In his latest post on X, Jordan Kerridge, popularly known as “That Martini Guy,” noted that breaking below the $1.15 support suggests growing weakness in the XRP price structure.
According to Kerridge, XRP’s $1.15 support was one of the few levels that helped to maintain the market structure. With that level now subdued, he thinks the bulls are losing confidence, and the cryptocurrency’s price could see more bearish pressure.
A Concerning Scenario for XRP
Kerridge noted that apart from breaking below $1.15, the pattern of XRP’s decline is even more concerning. According to him, successive rallies have been getting weaker, with the digital asset failing to push above resistance on multiple occasions.
The analyst highlighted XRP’s inability to break above $1.28, $1.25, and $1.22 at different moments. He considers the support around $1.15 to be XRP’s last line of defense, even though there are no signs of buyers stepping in aggressively to protect this region.
Kerridge summed up his analysis by stating that XRP will likely extend lower unless it quickly reclaims the $1.15 level. According to him, an immediate rebound is XRP’s only chance of meaningful relief from the current bearish pressure.
A Market-Wide Issue for Crypto
It is worth noting that the bearish pressure is not peculiar to XRP but cuts across the broader cryptocurrency market. Bitcoin, the largest cryptocurrency by market capitalization, is experiencing a similar trend, with the BTC price facing a 4-day consecutive decline.
Bitcoin broke below $63,000 and is currently testing the $62,500 support established in the last week of February. TradingView’s data show that BTC traded at $62,481 at the time of writing, reflecting a 7% decline from the beginning of the week. Meanwhile, XRP had lost over 13% of its value during the same period and traded at $1.12.
Related: XRP Price Prediction: 30M XRP Left Whale Wallets as Active Addresses Crash 50%
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