XRP has slipped below the key $1.60 support level, triggering fresh 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 XRP may retest the $1.22 zone if selling pressure continues.

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

Technical analysis shows that if XRP fails to reclaim $1.58 on a four-hour closing basis, the measured target of the pattern points toward $1.22, representing a further decline of over 20% from current levels.

Market analysts remain cautious. Crypto trader AltCryptoGems described XRP’s recent rebound 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 $1.60 double-bottom support has opened the door for a potential drop toward $1 or even lower.

On-chain data reinforces this view. XRP’s aggregated realized price near $1.48 is now acting as a critical support. A sustained break below this level could push many holders into losses, a setup similar to XRP’s 2022 bear market that preceded a sharp 50% decline.

Demand indicators are also weakening. Spot taker buy volume has dropped sharply since early January, signaling reduced buying interest and fading bullish momentum. Historically, similar drops in demand have been followed by significant price drawdowns.

However, there is one potential positive sign. XRP futures open interest has declined from $4.55 billion in early January to $2.61 billion, suggesting leverage is being flushed out of the market. In past cycles, this has sometimes preceded short-term relief rallies, giving bulls a chance to retest resistance near $1.85.

For now, XRP remains under pressure, and traders are watching closely to see whether key support levels can hold as February unfolds.