XRP Hits 2-Year Low Weekly Close at $1.029: Will the $1 Support Hold?

XRP price has closed at its lowest weekly level in nearly two years, putting it at a critical juncture as investors watch whether the long-standing $1 support can hold.

Analyst Ash Crypto highlighted the development, noting that XRP recorded a weekly close of just $1.029, marking its weakest weekly close in nearly two years.

The decline has brought XRP back to a historically important price zone. Market watchers are now debating whether the token is preparing for a reversal or a dip below $1, which will be happening for the first time since 2024.

XRP Tests Major $1 Support

Notably, XRP is currently trading around $1.03, down approximately 0.5% over the past 24 hours and 3.43% over the past seven days. The cryptocurrency is also down roughly 44% year-to-date.

According to XRP developer and market commentator Bird, XRP is now sitting directly on a major support area around $1. He suggested that XRP could move higher if it holds the $1.00 support, confirms the double bottom, and completes the W-shaped pattern, potentially making a move below $1 a thing of the past.

The chart shared alongside the analysis shows XRP testing the same area where it previously found support. This creates the possibility of a double-bottom or W-shaped reversal pattern.

Could XRP Briefly Fall Below $1?

Bird also outlined a second possibility: XRP could temporarily break below $1 to collect liquidity before reclaiming the level and beginning a stronger recovery.

Under this scenario, a move below $1 would not necessarily invalidate the bullish setup if XRP quickly reclaimed the psychological level.

The analyst emphasized that both scenarios could ultimately lead to the same destination: a higher XRP price, with the key question being how the market behaves around the $1 zone.

Analyst ChartNerd shares a similar outlook. He expects the XRP price to fall to $0.7 before a strong rebound takes place. To him, XRP will remain bearish till the end of 2026.

Notably, analyst Ali Martinez said the TD Sequential indicator has flashed a buy signal on XRP’s monthly chart. Historically, similar signals preceded major rallies, including gains of 1,074% in 2020 and 973% in 2022.

However, he said XRP must first clear $1.06, a key resistance level where nearly 3 billion XRP were reportedly transacted. A monthly close above it could open the way toward $1.35 and potentially $1.64.

XRP at a Critical Turning Point

The coming sessions could therefore prove important for XRP. Holding above $1 could strengthen the case for a double-bottom formation, while a temporary dip below that level, followed by a recovery, could represent a liquidity sweep. Meanwhile, a decisive loss of that support could increase bearish pressure.