[DigitalToday reporter Yoonseo Lee (이윤서)] XRP posts a weekly close below $1 for the first time since a rally in November 2024.

On Aug. 17 (local time), blockchain outlet The Crypto Basic reports that XRP ended last weekend at $0.9925, briefly giving up the $1 level seen as psychological support.

The drop draws attention because it follows several attempts last week to defend $1. XRP slid to $0.9910 on Aug. 11, but buying came in and it ended the day up 1.03 percent. It fell to $0.9975 on Aug. 13 but climbed back above $1 to close up 0.38 percent.

Selling pressure strengthened further on Aug. 14. XRP fell to $0.9874 that day, setting a new year low, and it also ended the day below $1. It is the first time since November 2024 that XRP has ended a day of trading below $1.

Early in the week, XRP moved back above $1. The current price is $1, staying just above a key level, and the trend remains weak. Recent price action also resembles a previous pattern in which it repeatedly tested an existing support level, broke below it and then saw that zone turn into resistance.

XRP repeatedly tested support at $1.1304 from mid to late June, before breaking below that zone on June 23. After that, $1.1304 turned into resistance. From late July to early August, a similar pattern appeared around $1.06, and after selling broke that zone on Aug. 6, $1.06 also turned into resistance.

In this flow, the $1 area is also under the same pressure. Repeated retests weakened support, and failing to hold it on a weekly close added to the burden. In particular, XRP has already slipped below the 0.888 Fibonacci retracement level at $1.0057.

As a result, the market is looking to the next support area around $0.9874. If it breaks below that level, the next support is the Fibonacci 1.272 level at $0.9443, and below that the Fibonacci 1.414 level at $0.9226 is cited as the next defense zone. Conversely, if it cannot regain $1 and settle above it, there is also the risk that the current support level could turn into another resistance level.

Technical indicators also still tilt toward a bearish view. XRP's daily relative strength index (RSI) has fallen to 36.65. That signals downward pressure remains strong. However, the RSI has not dropped below 30, a level typically seen as oversold, meaning the possibility of a short-term rebound has not disappeared completely.

Ultimately, the short-term focus narrows to whether XRP can recover $1 and whether it can hold support at $0.9874. If it can defend the psychological level again, it has room to reduce losses, but if it fails, the $0.94 and $0.92 ranges could be tested.