XRP Must Hold $1 Support to Avoid Further Declines, CryptoPotato Says

XRP needs to hold support at $1 to avoid further declines, according to an analysis by crypto news outlet CryptoPotato.

CryptoPotato wrote on July 8 that XRP remains in a clear downward channel on the daily chart, indicating its medium- to long-term trend is still bearish. Both the 100-day and 200-day moving averages continue to slope lower, while strong resistance has formed around $1.25.

Buying interest has emerged around $1 since early June, helping to prevent additional losses. If that support gives way, the decline could accelerate toward the bottom of the channel near $0.80.

XRP was trading at $1.0735 on Binance's Tether market as of 1:03 a.m. on July 9, down 4.87% from a day earlier.