XRP dropped 2.5% to $1.38 on May 7, its steepest single-day fall in nearly three weeks. That plunge pushed it to the lower trendline of its multi-year ascending channel for the third time ever. Bitcoin also retreated to $79,700 that day as broader market corrections took hold.
Trendline History
This isn't random. XRP touched this exact technical level back in February 2017 and November 2024. The first time, it rocketed from $0.005 to $3.31 within a year. The second time, it surged 500% from near $0.50 to $3.40 in just three months. History gives this $1.38 threshold serious weight.
May 7 Price Action
Traders saw XRP fall sharply after reaching $1.4567. That 2.5% dip on May 7 broke the token’s recent momentum. It happened while Bitcoin slid $2,300 from its high. The moves coincided with general crypto market weakness this month.
2024 Rally Context
Reports tied the last trendline bounce to Donald Trump’s election victory in November 2024. Optimism then fueled XRP’s rapid climb to $3.40. No clear catalyst matches this week’s drop. The token’s current position feels familiar though—right where big moves started before.
XRP now sits at a threshold that has sparked massive rallies in the past.
