XRP is sliding toward its last major support near $1.04 as its weekly Relative Strength Index sinks into oversold territory unseen since 2022.

The XRP price trades around $1.04, down roughly 3.7% over the past 24 hours and more than 11% on the week. Both technical and on-chain readings now point in the same direction.

On-Chain Activity Offers No Rescue

Whale transaction counts above $100,000 have thinned toward the low end of their range. Santiment data shows the metric near 90, far below the early-February peak around 898.

Fewer large transfers point to weak conviction among major holders. Recent on-chain reports also show top whales trimming positions rather than buying the dip.

Social dominance tells a similar story. The metric sits near 0.259%, well below its spring spikes in late March and mid-May.

Those attention spikes failed to halt the decline. Chatter flared as the price fell, then faded, signaling little fresh demand from retail holders.

Both metrics fall together as the price drops. That combination often accompanies distribution, not accumulation, and removes a key prop for any recovery.

On-chain reports for early June describe the same shift. The largest whale cohort trimmed its share of supply through late May rather than adding to positions.

XRP Price and Weekly RSI Both Break Down

On the weekly chart, the XRP price trades below a descending resistance line drawn from the $3.66 top. Sellers have rejected the price at that line four times.

XRP has now fallen more than 50% from that July 2025 record high. The trend has produced a steady stair-step lower since then.

The structure shows consistently lower highs and lower lows. Price also broke down from a symmetrical triangle, projecting a measured target near $0.73.

XRP is now losing its last major support near the 0.786 Fibonacci level around $1.17. Weekly volume continues to decline, suggesting buyers lack conviction.

Below $1.17, the chart shows little structural support before the $0.73 target. A weekly close under the level would confirm the breakdown.

The weekly RSI confirms the weakness. It had ridden an ascending support line since 2022, holding in July 2024 and again in late 2025.

That line broke early in 2026. RSI retested it from below in May, met resistance, and then slid toward oversold readings near 28.

Levels below 30 last appeared in 2022. The reading suggests momentum favors sellers for now.

XRP Outlook Stays Bearish Without a $1.17 Reclaim

The combined picture keeps the near-term bias bearish. The setup may keep XRP under pressure for at least a couple of months.

Deep oversold readings can sometimes precede short-term bounces. Yet the broken trendline and fading demand keep the larger trend pointed lower.

A weekly close back above $1.17, paired with RSI reclaiming its broken trendline, would weaken the bearish case. Until then, the path of least resistance points toward $0.73.

For now, XRP sits on the edge of its last support, and the next weekly close could decide the trend.

Source: BeInCrypto