XRP drops below $1.60 while the bearish pattern may drop to $1.22

XRP has fallen below the key support level at $1.60, causing new bearish signals on the charts and raising concerns that the price could fall further in February. According to market analysts, a developing bearish pattern suggests that XRP could retest the $1.22 zone if selling pressure continues.

Over the weekend, XRP fell nearly 14%, from $1.75 to around $1.50, its lowest level in more than 14 months. This move confirmed a break from the classic bear pennant formation on the four-hour chart, a pattern often associated with trend continuation to the downside.

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Market analysts remain cautious. Crypto trader AltCryptoGems described XRP’s recent recovery to $2.40 in January as a “fakeout,” warning that the asset is now trading in a low-support zone. Meanwhile, investor Alex Clay noted that breaking the double-bottom support at $1.60 has opened the door for a possible decline to $1 or even lower.

Data about the chain reinforces this vision. XRP’s total realized price near $1.48 now acts as a critical support. A sustained break below this level could force many holders into losses, a setup similar to XRP’s 2022 bear market, which preceded a sharp 50% decline.

Demand indicators are also weakening. Spot takers’ buying volume has fallen sharply since early January, indicating reduced buying interest and waning bullish momentum. Historically, similar declines in demand have been followed by significant price declines.

However, there is one potentially positive sign. Open interest on XRP futures has fallen to $2.61 billion from $4.55 billion in early January, indicating leverage is being flushed out of the market. In previous cycles, this has sometimes preceded short-term relief rallies, giving bulls a chance to retest resistance around $1.85.

For now, XRP remains under pressure, and traders are keeping a close eye on whether key support levels can hold as February progresses.