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.