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$XRP fell to $1.52 on Feb. 2, its lowest since December 2024, before recovering to around $1.60 amid a broader crypto sell‑off driven by Middle East tensions.
Erosion of the New Year Bullish Narrative
$XRP tumbled to a fresh multi-month low Feb. 2 as the cryptocurrency market grappled with a sell-off initially triggered by geopolitical tensions in the Middle East. Market data shows $XRP briefly plunged to $1.52, its lowest valuation since early December 2024. The asset has since recovered a portion of those losses, trading near $1.60 as of 5 a.m. EST.
While $XRP’s 24-hour decline sits at approximately 3%, recent volatility has pushed its weekly losses to 14.5%, dragging its market capitalization below $97 billion. This double-digit weekly slide aligns with the performance of other high-cap altcoins, many of which saw corrections between 10% and 20%. According to Coingecko data, the broader market rout briefly pushed the total altcoin market capitalization below the $1 trillion threshold.
Although $XRP’s price action on Monday mirrored the systemic weakness across the broader crypto landscape, its persistent downtrend throughout January has significantly soured the technical outlook. The year opened with a definitive show of strength; $XRP ignited a rapid ascent from $2 to $2.40 within a mere 96-hour window. This vertical move initially convinced market participants that the asset was primed to retest its historic all-time high of $3.65 established in July 2025.
Read more: $XRP Breakdown Deepens While Market Confidence Slips
However, that bullish narrative was abruptly dismantled. What began as a controlled correction transitioned into an accelerated capitulation as January drew to a close. Since the local peak Jan. 6, $XRP has shed more than 30% of its market value, a decline that has effectively neutralized previous support levels and stifled immediate expectations of a return to mid-2025’s record valuations.
Technical Outlook and Indicators
As of Feb. 2, 2026, $XRP’s technical indicators are flashing a “strong sell” on daily timeframes, reflecting a market searching for a bottom after a brutal January. The digital asset is currently trading in a “death stack” configuration, where the price sits below all major exponential moving averages (EMAs).
While the 50-day EMA (approximately $2.01) and 200-day EMA (approximately $2.28) are both trending downward, analysts are watching the 33-month EMA at $1.60. Experts suggest a monthly close below this level would confirm a macro bearish trend, potentially ending the bullish cycle that began in early 2025.
The relative strength index ( RSI) is hovering near 40, indicating building bearish momentum while suggesting the asset is not yet oversold. This implies there may be room for further downside before a natural bounce occurs. Despite the price drop, however, some analysts point to a hidden bullish divergence on the two-day chart. While the price has made a lower low ($1.52), the RSI is attempting to form a higher low—a pattern that often signals seller exhaustion and can be a precursor to a trend reversal, provided the $1.50 support holds.
FAQ 💡
- Why did $XRP fall to $1.52? Geopolitical tensions in the Middle East triggered a broad crypto sell‑off.
- How much has $XRP lost recently? It is down 14.5% weekly and over 30% since Jan. 6.
- What is $XRP’s current technical outlook? Indicators show a “strong sell” with price below key EMAs.
- Could $XRP rebound soon? Analysts see a possible trend reversal if $1.50 support holds.