XRP just broke below $1.40 and it's not looking great right now. Price dropped to $1.35 and the selling pressure is still pretty intense. Bounces keep failing, which tells me buyers aren't stepping in yet.

Technically, XRP is stuck in a descending channel pattern between roughly $1.38 and $1.42 — lower highs, lower lows, classic distribution setup. Every time it tries to reclaim $1.40-$1.41, it gets rejected and rolls back over. That zone flipped from support to resistance pretty quickly.

The key level to watch now is $1.38-$1.40. If that holds, we might see some consolidation and maybe a retest toward $1.41-$1.44. But if we break that decisively, next stop is $1.30-$1.32 where support gets thinner. Momentum is definitely with the sellers right now, so any bounce looks corrective until we see some real reclaim of resistance.

Spot ETF flows have been weak too — only $636K in weekly inflows — so institutional demand isn't helping the bounce. For now, I'm watching the $1.38 level closely. Break that and it could get messy.