XRP Records First Weekly Close Below $1 Since November 2024 Rally: What Next?

XRP has recorded its first weekly close below the important $1 level since the November 2024 rally helped it reclaim the mark. 

The token fell below $1 several times last week, but buyers initially stepped in to protect the level. The first drop came on Tuesday, Aug. 11, 2026, when XRP slumped to $0.9910. Buyers responded almost immediately, helping XRP recover and end the day with a 1.03% gain.

The same thing happened on Thursday, Aug. 13, when XRP dropped to $0.9975. Buyers again defended the $1 area, allowing XRP to recover and close the day above $1 with a 0.38% gain. 

However, the defense did not last. On Aug. 14, sellers pushed XRP down to a new yearly low of $0.9874. XRP eventually closed that day below $1, marking its first daily close under the level since the November 2024 rally.

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

XRP Continues to Test $1

XRP has moved back above $1 at the start of the new week, but the price remains in a weak position. 

The token currently trades at $1.0002, only slightly above the key level. Its recent price action also shows repeated tests of $1, similar to the way it tested earlier support levels before breaking below them and turning those levels into resistance.

Notably, 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. 

XRP later showed a similar pattern from late July to early August, when it 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.

Fibonacci Levels Show the Next Supports

XRP has already fallen below the 0.888 Fibonacci retracement level at $1.0057. This 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 shows why reclaiming the psychological level could be important for preventing the current support from turning into another resistance zone.

Meanwhile, XRP’s daily RSI has fallen to 36.65, showing that bearish pressure remains strong. However, the indicator has not yet fallen below the 30 level, which means 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.