XRP has posted its lowest weekly closing price in two years at $1.029, putting the $1 support level at the centre of market focus.

On Aug. 10, blockchain outlet The Crypto Basic reported that XRP has slid toward its long-term support zone around $1, raising the prospect of both a short-term rebound and further declines.

XRP is trading around $1.01. It is down about 2.5% over the past 24 hours and has fallen 5.98% over the past seven days. It is down about 44% from the start of the year. The market is watching whether the $1 level will break for the first time since 2024.

This price area has previously shown support. Analyst Ash Crypto pointed out that XRP's weekly close this week is the lowest in two years. Investors are weighing whether this zone becomes the starting point for a rebound or a turning point for further losses.

Bird, an XRP developer and market commentator, said XRP is currently sitting above a key support area near $1. He said if the $1 support holds, a double bottom is confirmed and a W-shaped pattern is completed, moves below $1 could become a thing of the past. On the chart, XRP is again testing an area that previously provided support, prompting discussion of a double-bottom or W-shaped reversal pattern.

Bird also laid out another path. XRP could dip temporarily below $1 to absorb liquidity, then regain the level and move into a stronger rebound. In that case, a break below $1 would not immediately invalidate a bullish scenario, and the key would be how quickly XRP retakes the psychological $1 support.

A more bearish view has also emerged. Analyst Chart Nerd said XRP could fall to $0.7 before a strong rebound. He projected XRP would remain in a bearish trend until the end of 2026. The same price zone is being interpreted very differently by the market.

Another view cited technical rebound signals. Ali Martinez said a TD Sequential buy signal has appeared on XRP's monthly chart. He said similar signals in the past came ahead of gains of 1,074% in 2020 and 973% in 2022. He set a break above $1.06 as a prerequisite. He argued that XRP must clear $1.06, a resistance zone where about 3 billion XRP changed hands, on a monthly closing basis to open the way to $1.35 and then $1.64.

Ultimately, the near-term turning point is forming between $1 and $1.06. If XRP holds above $1, expectations for a double-bottom formation could grow. If it slips briefly below $1 but quickly recovers, a rebound scenario after liquidity absorption could remain intact. But if this support level clearly breaks, bearish pressure on XRP could strengthen.