XRP has experienced a notable drop following a clear technical breakdown. The price fell below $1.6, entering what crypto expert Scott Melker described as an “air pocket,” which explains the accelerated decline. This breakdown shows that previous support levels failed to hold, leaving XRP with limited immediate support.
The asset’s price hit a low of $1.15 on February 4. Melker drew attention to the weekly 200 moving average, sitting near $1.1, which could act as support
However, Melker noted that many altcoins have bypassed this level, indicating that further downside could be limited mainly by lower historical support zones. Most of these support levels are below $1, suggesting that XRP could test these levels if selling pressure continues.
$XRP UPDATE
Clear breakdown, now in the air pocket, which is why it is dumping harder than most.
Weekly 200 MA is at around $1.10, but this "key level' has failed quickly for most alts.
Most support is under $1. https://t.co/ZU8LT5CQEg pic.twitter.com/fluahU9daF
— The Wolf Of All Streets (@scottmelker) February 5, 2026
Technical Indicators Signal Pressure
The attached chart highlights the scale of the recent decline. The fall below $1.6 represents a significant breach of short-term support. XRP is now moving in a region with few historical anchors, leaving it more vulnerable to volatility. Trading volume shows increased activity during the drop, signaling strong participation in the move.
Melker’s commentary emphasizes that XRP is now navigating a market space with reduced structural support. While the current decline is sharp, historical price floors could provide stabilization.
The Current Market Situation
Despite the drop, XRP remains above critical long-term moving averages, particularly the weekly 200 MA. At approximately $1.1, this level could act as a base if downward momentum persists. XRP already bounced off this level, and is now trading at $1.32. If it does not lose its momentum, it could regain $1.6 sooner than many expect.
While recent declines may appear significant, they are occurring after a strong upward trend in late 2024 which saw XRP climb by 500%. The asset also secured notable wins in 2025, hitting a new all-time high of $3.65 in July. This prior strength could support recovery once the price finds stable footing.
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The chart also shows that XRP remains below its shorter-term moving averages, including the weekly 50 MA. This confirms the current bearish momentum. However, dropping below $1.6 after sustained consolidation creates opportunities for a potential stabilization phase as the market tests lower support.
Outlook for XRP
XRP’s immediate path depends on how it interacts with lower support levels. Should the price approach the weekly 200 MA near $1.1 again, this could attract renewed buying interest.
Melker highlighted that if the asset loses this level, key support levels under $1 remain available. These would also provide potential entry points for investors seeking exposure at lower prices.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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