XRP (CRYPTO: XRP) is sliding toward $1 on Tuesday as a two-week chart pattern confirmed its downside target and the Senate shelved the Clarity Act, removing the last near-term catalyst for a recovery.Is XRP At Its Most Oversold Level Ever?Crypto analyst Ash Crypto noted on X that XRP’s monthly RSI is now more oversold than during the 2020 COVID crash, sitting 72% below its all-time high and trading near the two-year low it hit last month. He flagged the reading as historically extreme, asking whether the bottom is in.XRP Derivatives Data Shows Long Traders Under PressureVolume jumped 71% to $2.54 billion Tuesday, confirming sellers were serious rather than just noise. Open interest barely moved at $2.45 billion, meaning traders are sitting in positions and absorbing pain rather than closing out — a setup that typically precedes more price movement before resolution arrives.What The Chart Is SayingXRP spent two weeks building a topping pattern with three progressively weaker rallies — peaking at $1.12, pushing to $1.18, then failing again at $1.12. The $1.09 level held as support through each of those attempts before finally breaking with a sharp move lower Monday.The measured move from that breakdown targets $1 to $1.02, the demand zone where buyers previously stepped in. Until XRP reclaims $1.09 on a 4-hour close, the target stays at $1.Key levels for XRP: