XRP's ability to hold the important support at $1.40 is the key point right now. Looking at yesterday's movements, it repeatedly tested the resistance zone between $1.43 and $1.45 but couldn't break through, ultimately falling 3.3% to around $1.36. There seems to be significant selling pressure, and the unusually high trading volume during the sell-off—74% above average—is concerning.

However, what's interesting is that spot ETFs and large wallets have actually increased their positions during this recent decline. Institutional investors may be accumulating with a long-term perspective. Meanwhile, the derivatives market appears to be cooling off, with leverage unwinding progressing.

From a technical standpoint, a triangle pattern is forming between the downtrend and the upward support, suggesting that this consolidation may soon resolve. In the short term, downward momentum is strong, but looking at the overall chart, it's unclear whether this indicates a correction phase or the start of a full-blown downtrend.

If the $1.40 support holds, there’s a possibility of attempting to rebound to $1.45 and then to $1.55. Breaking above $1.55 could trigger a shift away from a bearish structure. Conversely, falling below $1.40 opens the door to the $1.33 level and potentially a long-term reset zone around the $1.00 area.

Bitcoin's movements are also worth noting. It temporarily broke through $76,000 but has since retreated to $74,000, and breakout momentum has not continued. On a certain large exchange’s perpetual contracts, the funding rate has been negative for 46 days, indicating a concentration of bearish positions. Historically, such long-term risk-off phases often precede sharp price increases.

For now, XRP appears to be in a correction phase, but its next direction will likely depend on how well the $1.40 support holds.