XRP has accelerated its downtrend after breaking below the lower boundary of a symmetrical triangle that had held for months.

On June 4 (local time), blockchain media outlet The Crypto Basic reported that XRP traded around $1.14 on the day, down 4 percent over 24 hours. Losses over the past week reached 14 percent.

The decline is seen as a long-signalled technical breakdown becoming reality. Market analyst Casitrades has repeatedly raised the possibility that XRP would eventually break down from a symmetrical triangle it maintained for months. Based on the 4-hour chart, that zone was a months-long support area. After XRP slid to $1.12 in late February, it stayed within the range, with higher lows and lower highs.

But selling across cryptocurrencies has recently intensified, bringing fresh selling pressure into XRP. Casitrades pointed to this, saying, "Broad crypto selling is creating new selling pressure on XRP."

Markets are focusing on further downside after the breakdown. Using a five-wave substructure, Casitrades judged that a downward wave began from the most recent lower high of $1.55 on May 14. A drop to $1.26 on May 28 marked waves 1 and 2, and after a rebound to $1.36 on May 30, Casitrades assessed that wave 3 is now under way.

In that analysis, the first downside target presented is $0.92. Casitrades expected the ongoing wave 3 to end at $0.92, the Fibonacci 1.618 level. That implies about 19 percent additional downside from the current price. Casitrades also said a relief rebound to $1.20 could follow.

The final downside target is $0.87. That would imply about 23 percent additional downside from the current price. Casitrades said XRP would not stay near that support level for long and could rebound quickly to higher prices after weak hands are cleared out.

Derivatives indicators also support the bearish move. Over the past 24 hours, XRP-related liquidations totalled $25.05 million, with $24.24 million of that coming from long positions. Open interest fell 9 percent, and futures outflows also increased. That indicates market participants moved to reduce risk exposure.

In the short term, the next level to watch remains $1.12, the Feb. 6 low. XRP has now posted five consecutive daily bearish candles, but it is still trading above that low. Markets are therefore watching whether $1.12 holds and whether the next support areas cited at $0.92 and $0.87 actually work.

The Crypto Move We've Been Waiting 4 Months For?! The crypto market is finally starting to see some selling pressure come through, and XRP is breaking below a very important support level. I've been watching for subwaves to develop so we could get a better idea of whether… pic.twitter.com/6QYURpGFQk