[Digital Today reporter Yeseul Kim] XRP has rebounded after sliding to the $1 level, putting it at a turning point for near-term direction.

On June 28 (local time), blockchain outlet U.Today reported that XRP fell as low as $1.00 on June 27 after selling continued following the release of the personal consumption expenditures price index, before rebounding.

The backdrop to the latest price adjustment was the May personal consumption expenditures price index, seen as the U.S. Federal Reserve's preferred inflation gauge. The index rose to its highest level since 2023, and markets again reflected the Fed's recent hawkish stance on inflation. XRP fell for three straight sessions during the week and slid to $1.06, a level where trading had been concentrated.

The issue is that $1.06 is not just a price level. More than 830 million XRP were traded in that zone. But buying failed to hold this key support area. XRP then retreated to the $1 level, rebounded on June 27 and the recovery continued through June 28. XRP is now trading at $1.07, up 2.95 percent over the past 24 hours.

The market is citing three scenarios. The first is a continuation of the current rebound. In that case, the key is whether the $1.06 zone, where 830 million tokens traded, again works as a buying support line. With the price already pulling back from $1, a near-term benchmark for sustaining the rebound could be whether it recovers this zone.

The second is a directionless range-bound move. This would be a period in which XRP moves within a narrow band for the time being as the market waits for new factors. The original report said the market is waiting for a 'potential catalyst'. That means after the inflation data shock is first priced in, buying and selling could balance out and lead to sideways trading.

The third is a failure to hold the current level and another break below $1. In that case, price levels where large volumes accumulated in the past are presented as the next supports. According to Ali, the support areas to watch if XRP breaks below $1 are $0.80, $0.62 and $0.51. Those price levels have seen trading of 923 million, 1.16 billion and 1.06 billion XRP, respectively. The market is gauging the potential for downside defence around zones where volume was concentrated.

Alongside the price action, changes on the XRP ecosystem also continued. On the XRP Ledger, RLUSD's on-chain circulation this week surpassed Ethereum. Based on a Ripple stablecoin tracking site, RLUSD circulating supply on the XRP Ledger was tallied at $810 million, compared with $760 million on Ethereum. That confirms a shift in RLUSD's core distribution network toward the XRP Ledger.

XRP's near-term price is reacting sensitively to macro indicator shocks, but separate factors are continuing on the network and stablecoin expansion side. For now, the first points to watch will be defence of the $1 level and whether $1.06 is recovered, the outlet reported.