The sell-off in XRP this round is definitely pretty intense. I looked at the recent price action: the price has been sliding from 1.88 all the way down to around 1.75, a drop of nearly 7%. The key is that the $1.79 support level wasn’t held—once it broke, it triggered a chain reaction, and a large number of long positions were liquidated. Based on the trading volume, this isn’t some kind of low-liquidity slip; it’s genuine sell pressure. Futures data shows that over $70 million worth of XRP contracts were liquidated, mainly because longs were forced out.

Right now, traders generally treat the 1.74 to 1.75 range as the lifeline for the near term. If this level can hold, the next phase could be more about consolidation. But to truly ease the downside risk, XRP still needs to retake the 1.79 level, and then recover further to 1.82 before the structure can be said to have improved. If 1.74 also breaks, then it’ll come down to 1.72 and 1.70—once those supports are lost as well, the downward momentum may accelerate.

To be honest, XRP’s current trend is basically following Bitcoin’s pace. Recently, Bitcoin has been bouncing back and forth as well: after a brief breakout above $76,000, it fell back to below $74,000, and for two months there hasn’t been a real breakout. I’ve noticed that on a certain large exchange, the perpetual contract funding rate has been negative for 46 consecutive days, which suggests there are still quite a lot of bearish participants in the market. Some analysts believe that this kind of long-term risk-avoidance phase, historically, often signals that there could be a relatively sharp rebound afterward—so right now might actually be a good point to watch. In short, this sell-off is more about technical factors and position adjustments, not bad news about the token itself.