XRP has dropped by 69%, but this isn't the first time. As analyst Crypto Patel points out, the last time it fell by a similar amount, it surged by 835% afterward. Looking at the current market, this might be a somewhat useful reference.

Currently, XRP is trading around $1.29, significantly adjusted from its all-time high of $3.65. According to Patel, a classic breakout-test setup is forming. Notably, this is the largest realized loss spike since November 2022. Weekly losses exceeding $1.9 billion could be a sign that weak hands are capitulating. Such extreme sell-offs often indicate a bottom.

From a technical perspective, the bullish support zone is between $0.86 and $0.66. As long as that level holds, a reversal could be possible. Patel has set target prices at $2, $3, $5, and $10, expecting a tenfold increase from the accumulation zone below $1.00. However, another analyst, CasiTrades, is more cautious, suggesting further declines are possible. The main downside targets are $1.11 and $0.87.

Either way, XRP is at a stage worth watching closely. The combination of a major loss event and key support levels makes the next move critical.