XRP’s price has plummeted by 18% this month, currently trading at $2.19. This significant drop brings the value close to $2.00, a crucial support level that is expected to determine XRP’s future movements.

In the past 24 hours, the Ripple token slightly recovered by 1%, and over the last week, it increased by 3%. The daily trading volume currently stands at $3.89 billion, but XRP remains about 40% below its peak price of $3.65 in July 2025.

XRP Approaches Crucial Support

Analyst CRYPTOWZRD pointed out that this recent movement reflects another “inverse parabolic decline.” He noted that previous similar declines have led to significant price recoveries:

“Sharp declines often precede an equally violent rally.”

The market’s focus is now on the $2.00 support zone. If XRP manages to hold this level, a potential target of $2.60 could emerge, forming the central aspect of its recent trading activity.

Consolidation Phase as a Potential Setup

Analyst ChartNerd shared insights from a long-term chart suggesting XRP is in a consolidation phase just above a major level that previously marked its all-time high, now serving as vital support. The asset’s consistency within this framework may position it for a move towards approximately $8.00:

“Valid as long as support holds.”

Source: ChartNerd/X

Additionally, another analysis by ChartNerd shows that XRP may be completing the fourth stage of a five-phase wave pattern.

ETF Trends and Market Dynamics

There has been a noticeable uptick in ETF activity linked to XRP, with over 80 million tokens added on the first day of new funds. Both Grayscale and Franklin Templeton jointly amassed $130 million at launch, with Canary’s fund currently managing the largest share at $331 million. Traders are keeping an eye on a potential breakout from a flag pattern, targeting price movements between $2.35 and $2.45.

“This zone remains a magnet,” indicated an analysis via Steph Is Crypto.