XRP has posted its first weekly close below the psychologically important $1 level since the November 2024 rally pushed the token back above that mark, putting the spotlight on whether buyers can continue to defend the round-number support.

The token slipped under $1 several times during the week, and buyers initially stepped in each time to protect the level. The first dip came on Tuesday, Aug. 11, 2026, when $XRP slumped to $0.9910. Buyers responded almost immediately, allowing the token to recover and end the day with a 1.03% gain.

The pattern repeated on Thursday, Aug. 13, when $XRP dropped to $0.9975. Buyers again defended the $1 area, and the token closed the session above $1 with a 0.38% gain.

The defense ultimately did not hold. On Aug. 14, sellers pushed $XRP down to a new yearly low of $0.9874, and the token closed that day below $1 — its first daily close under the level since the November 2024 rally.

$XRP recovered above $1 on Saturday, but sellers returned on Sunday. The token fell to $0.9901 before closing the day, and the week, at $0.9925, sealing the first weekly close below $1 since November 2024, when the rally had helped it move back above the psychological level.

The November 2024 move was a milestone for the token, which ranks among the largest cryptocurrencies by market value. XRP climbed from under $0.60 at the start of that month to multi-year highs within weeks. The surge coincided with a broad crypto market rally that followed the U.S. presidential election, along with the announced departure of SEC Chair Gary Gensler, whose agency had sued Ripple over XRP sales in December 2020 — a case that had prompted several major U.S. exchanges to suspend XRP trading at the time.

$XRP Keeps Testing $1

At the start of the new week, $XRP has moved back above $1, but the price position remains weak. The token currently trades at $1.0002, only slightly above the key level.

Recent price action shows repeated tests of $1, echoing the way the token treated earlier support levels before breaking below them and turning those levels into resistance. From mid to late June, $XRP repeatedly tested the $1.1304 support. The token eventually lost that level on June 23, after which $1.1304 became resistance.

A similar sequence played out from late July to early August, when $XRP repeatedly tested the $1.06 support. Sellers eventually broke that level on Aug. 6, and $1.06 has since turned into resistance.

$XRP is now showing the same behavior around $1. The repeated tests may keep the level under pressure, especially after the token failed to hold it on a weekly closing basis. Weekly closing levels are often given more weight in chart analysis than intraday moves, since they filter out short-term volatility.

Fibonacci Levels Mark the Next Supports

$XRP has already fallen below the 0.888 Fibonacci retracement level at $1.0057. Fibonacci levels, which apply ratios to key price swings, are a widely used charting tool for mapping potential support and resistance areas. That leaves the Fibonacci 1 level as the next key support, around the Aug. 14 yearly low of $0.9874.

If $XRP loses the $0.9874 area, the next support comes from the Fibonacci 1.272 level at $0.9443. Below that, traders may look toward the Fibonacci 1.414 level at $0.9226 as the next area where buyers could attempt to stop the decline.

These levels become important if $XRP fails to regain $1 and hold above it. The recent breakdown also highlights why reclaiming the psychological level could matter for preventing the current support from turning into another resistance zone.

Meanwhile, $XRP's daily relative strength index (RSI) — a momentum oscillator scaled from 0 to 100, with readings below 30 conventionally viewed as oversold and above 70 as overbought — has fallen to 36.65, indicating that bearish pressure remains strong. However, the indicator has not yet dropped below the 30 level, meaning $XRP has not reached the traditional oversold zone. A short-term recovery remains possible, but the RSI also shows that $XRP could fall further before reaching extreme oversold conditions.

Source: The Crypto Basic, via CryptoNews.net