XRP is currently suffering a sharp correction in the final stretch of September, losing $18.94 billion in market value over the past seven days.
The token dropped from a weekly high of $3.13, with a market cap of $187.24 billion, to $2.81 and $168.30 billion, marking a decisive break below the $3 psychological threshold losing 10.22% in value, as per data retrieved by Finbold from CoinMarketCap.
The pullback coincided with a broader market sell-off that saw more than $1.5 billion in crypto positions liquidated between September 24 and 25, the largest single-day altcoin liquidation event in over a year. Much of the pressure came after Ethereum broke below the $4,000 threshold, triggering cascading liquidations across majors, with XRP caught in the crossfire.
In the last 24 hours, XRP’s trading volume spiked 36.7% to $7.19 billion, though the activity was dominated by selling pressure. Notably, 58% of liquidations were long positions, compounding downside momentum.
XRP technical analysis
From a technical standpoint, XRP broke below the 50% Fibonacci retracement at $2.93, drawn from the September 21 swing high of $3.18. The token now trades beneath all major short-term moving averages, with the 7-day SMA at $2.95. A bearish MACD crossover confirmed the momentum shift, with the histogram sliding to -0.015, its weakest reading since September 18.
The next key support level sits at $2.71, aligning with the 78.6% Fibonacci retracement. On-chain analyst Ali Martinez noted that XRP defended this level during earlier dips, suggesting it could once again act as a staging ground for a potential rebound toward $3.60 if buying pressure returns.
Finbold’s AI Signals also forecast short-term weakness. The machine-learning blend of LLM-driven models projected an average XRP price of $2.75 for the end of September, with the most bullish model targeting $2.85 and the most bearish as low as $2.65.
The next test for XRP will be whether it can stabilize above $2.71 as Q3 closes. With ETF-related catalysts delayed into October, short-term sentiment may remain fragile, but on-chain growth, including XRP Ledger activity surpassing 7 million active addresses, continues to underpin the longer-term outlook.
