Although XRP has experienced a notable resurgence in demand across its spot and derivatives markets, the token’s price remains trapped in a macro crypto bear market.
As such, XRP price is gravitating towards a plunge below $1 again. Earlier this week, on August 11, the token’s price tanked below a major support level of $1 for the first time since November 16 2024, reaching a fresh bear market low of $0.9952.
This large-cap altcoin traded at approximately $1.01 on August 13, down 1.22% over the past 24 hours. Its 24-hour trading volume was roughly $1 billion at the time of reporting, down 29% from the previous day, according to metrics tracked by CoinMarketCap.
XRP price has accelerated bearish sentiment following a persistent delay in the United States’ Senate in passing the CLARITY Act, a bill that would create clear rules for the cryptocurrency industry. As such, this token’s price has confirmed a falling trend, which is characterized by several lower lows and lower highs.
However, if XRP price consistently closes above a liquidity level near $1.16, a reversal could be bolstered via the formation of a new higher high. Moreover, XRP whales have been leading in accumulation amid rising buyers in the derivatives space.
Crypto market determines first major XRP price floor
Amid the rising bearish sentiment for XRP, traders surveyed by Polymarket have set an average base of $0.80. At the time of writing, Polymarket users had set a 45% chance for XRP price to freefall to $0.80 and 20% odds to plunge to $0.60.
As such, these traders expect a potential 20.79% nosedive to $0.80 and a possible 40.59% capitulation to reach $0.60. Meanwhile, crypto traders are forecasting less than a 10% chance that XRP price could rally to hit its all-time high by the end of 2026, as Finbold reported.
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