XRP's price plummets to October lows amid market turbulence

XRP's price dropped sharply earlier this month, hitting its lowest point since October. The decline followed weak US jobs data and Amazon's massive AI investment announcement, which rattled investors. While the XRP price has since recovered slightly, analysts still see bearish pressure in the near term.

On February 5, XRP fell to $1.12, matching levels last seen during the October flash crash. The drop came after US labour market figures showed jobless claims rising to 231,000 and job openings falling to 6.524 million in December. Before the data release, XRP had traded at $1.36, but the sell-off pushed it down before a partial rebound to around $1.32.

Amazon's announcement of a $200 billion AI infrastructure investment by 2026 added to market unease. The news contributed to broader crypto sell-offs, though no specific impact on Amazon's own stock was reported. Meanwhile, the US Senate's decision to delay the Market Structure Bill vote until spring 2026 further dampened short-term confidence, despite long-term optimism.

Technical indicators suggest XRP remains under pressure. The cryptocurrency is still trading below its 50-day and 200-day moving averages, signalling bearish momentum. Key resistance sits at $1.50 and $2.00, while support levels are at $1.20 and $1.00. A drop below $1.00 could bring the October flash crash low of $0.77 back into view.

Despite the price volatility, demand for XRP spot ETFs has held steady. Analysts maintain medium-term targets of $2.50 for the next 4-8 weeks and $3.00 for 8-12 weeks, assuming market conditions stabilise.

XRP's recent recovery to $1.32 follows a steep decline tied to economic data and investor sentiment. The delayed regulatory vote and Amazon's AI spending plans continue to influence market dynamics. For now, traders are watching key price levels as the cryptocurrency navigates short-term bearish trends.