SINGAPORE, Feb 5, 2026, 15:23 (SGT)
- XRP dropped to $1.44, marking its lowest level since November 2024, dragged down by bitcoin’s sell-off and weakening risk appetite.
- The token slipped under the $1.60 support level, triggering a surge in options traders seeking downside protection.
- A technical analyst described the selloff as a “washout” phase but warned that further volatility lies ahead.
XRP slid to $1.44 on Thursday, hitting its lowest level since November 2024, as bitcoin’s recent tumble triggered widespread risk-off sentiment in crypto markets. The token slipped below $1.60, with charts pointing to “clear air” down to $1.00, CoinDesk reported. 1
The drop is significant since XRP surged soon after Donald Trump’s U.S. election victory in November 2024, when his platform was seen as crypto-friendly. Ripple, the fintech company behind XRP, uses the token to streamline cross-border payments, tying it more closely to real-world transactions than just trading buzz.
After the post-election surge topped out near $3.65 in July last year, the price slid back below $3.50 and has been drifting downward since, CoinDesk reported. The decline has accelerated noticeably over the past few weeks.
In technical trading terms, “support” marks a price zone where buyers previously halted a decline. XRP slipping below $1.60 — once considered a key demand level — signals sellers have gained the upper hand, at least temporarily.
Derivatives traders ramped up their bets on downside protection. According to CoinDesk, block trades on crypto options platform Deribit revealed a surge in demand for put spreads—strategies that pay off when prices drop—as well as strangles, which bet on large moves either way.
Not everyone sees this as a straightforward breakdown. Korean certified Elliott Wave analyst XForceGlobal called the selloff a “washout,” arguing the downward move is driven more by “emotion and not balance.” Using Elliott Wave—a charting technique that maps markets into recurring price “waves”—he suggests the drop may be temporary. 2
In a Feb. 3 video he cited, XForceGlobal said “Nothing new here” and maintained that a deeper correction might pave the way for a later rally, eyeing long-term targets between $20 and $30. He also pointed to $6 as a likely level for profit-taking and a pause to reassess, rather than a smooth upward climb.
Despite the heaviness on the tape, longer-term forecasts keep circulating. A post on Binance Square from BitcoinWorld mapped out predictions stretching to 2030, calling $5 an achievable yet “optimistic” target. It flagged competition from Stellar and established players like SWIFT in cross-border payments. The post included a disclaimer noting it featured third-party views and was not financial advice. 3
But here’s the rub with this market: it’s flows that move prices, not charts. If selling picks up steam and forced liquidations pile up, XRP could drop to $1.00 fast; that mark acts as psychological support, though it’s no sure thing. Conversely, steep “washout” declines often bounce back just as quickly once forced selling eases.
Traders are eyeing if XRP can reclaim the $1.60 mark and whether demand for downside protection continues to climb. What comes next will probably hinge more on how far this risk-off shift in bitcoin extends than on XRP itself.
