XRP's 2024 Support Is Getting Absolutely Rugged: Down 35% and Bears Won't Back Off

XRP has dropped to test a critical 2024 support level after losing 35% over the past three months. Traders aren't exactly feeling bullish about it. The chart looks like someone put it through a tumble dryer, and the hodlers who bought the dip are now intimately familiar with the concept of price discovery.

The funding rate has stayed negative for the past two days, signaling that short positions are stacking up faster than retail FOMO at a memecoin launch. Bears are basically having a field day, and the shorts are printing faster than the Fed prints dollars. Meanwhile, anyone longing XRP is probably wondering if "buy the dip" was just elaborate financial sarcasm.

But here's the plot twist: Congress is back from its two-week vacation and the CLARITY Act could be entering a pivotal week. A potential shift in US crypto regulatory framework looms on the horizon. Because nothing says "crypto regulation done right" like lawmakers returning from a break they probably spent arguing about stadium snacks.

For now, XRP's holding onto that 2024 support level by what looks like sheer willpower and diamond-handed believers. Whether it can keep that grip while bears pile in remains to be seen. The support level is basically held together by hopium, stubbornness, and what appears to be a very committed group of XRP maxis who have absolutely not checked their portfolios recently.