XRP Sentiment Plummets to July Lows Following Spot Sell-Off
Key Summary
XRP crashed to a seven-week low of $1.17 on Friday, dragging market sentiment down to levels last observed in July. While some commentators spotted potential inverse head-and-shoulders bottoming structures amid heavy fear, other chart analysts warned of deeper declines toward $1.10 as correction waves unfold.
Key Bullets
- XRP tanked to a seven-week low of $1.17 on Friday afternoon before recovering slightly during spot trading sessions.
- On-chain social tracking monitored by Ali Martinez indicated that crowd sentiment dropped to the lowest reading recorded since July.
- Chart analyst CasiTrades noted that failure to hold the $1.26 level exposes the token to a drop toward the $1.10 Fibonacci floor.
- Technical commentator Dark Defender maintained that current retracement zones remain aligned with an ongoing Wave 2 correction roadmap.
XRP Plummets to Seven-Week Lows
XRP slid 13.3% to a seven-week low of $1.17 during Friday afternoon spot trading sessions before staging a minor recovery. The cross-border token plunged sharply from $1.35 down through $1.185, wiping out previous breakout gains recorded since late August. Order-book data monitored across major exchanges showed heavy liquidation activity as retail longs capitulated under persistent selling pressure.
That brutal leg down dragged broader asset sentiment down alongside the spot price. Social tracking metrics cited by market commentator Ali Martinez showed crowd confidence dropping to depths not measured since July. Extreme fear returned instantly.
Contrarian Setup Versus Wave Retracements
Contrarian observers argued that widespread panic might generate fertile ground for an eventual trend reversal. Martinez pointed to an unconfirmed inverse head-and-shoulders structure on the daily timeframe. He suggested that absolute lack of crowd participation prevents the bullish side from becoming overcrowded.
Technical views remained heavily fractured across trading desks. Chart analyst CasiTrades rejected the bullish continuation narrative after the recent push toward $1.30 failed to sustain upward momentum. Price action slipped back below the $1.26 support threshold and dropped beneath $1.20 during the session.
Fibonacci Targets and Support Zones
CasiTrades now eyes a deeper descent toward the $1.10 Fibonacci target. She highlighted $1.125 as a temporary pause area where a potential RSI divergence could materialize to signal exhausted downside momentum. Order flow slowed down significantly.
Fellow technical commentator Dark Defender offered a steadier structural outlook via public commentary. He noted that the $1.12 zone represents former resistance from July and August that should now convert into reliable support. The current correction remains entirely consistent with a broader Wave 3 development roadmap outlined earlier in the quarter.
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