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XRP Could Crash Under $1 After Key Breakdown and Whales Exit: Analyst

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In times when almost the entire cryptocurrency market heads south, XRP has joined the ride, plunging to a fresh four-month low of under $1.15.

This substantial crash comes as ETF investors have turned the tide and whales have disposed of a large quantity of XRP. As such, analysts now believe another leg down could follow soon.

XRP Sell-Off

It was just three weeks ago when the cross-border token challenged the $1.55 resistance, while many analysts expected a breakout to $1.80 or maybe beyond. However, what followed was a painful rejection that culminated hours ago with a nosedive to just under $1.15. This massive 25% correction drove XRP to its lowest level since the early February crash, when it dumped to $1.11.

Aside from the overall market dump, which included BTC plunging toward $61,000 and ETH hitting a 14-month low, the other possible reasons behind the cross-border token could be related to investors’ exodus. Ali Martinez updated that whales have ‘sold or redistributed’ 60 million tokens in the past week alone, which usually intensifies the underlying asset’s selling pressure.

Investors gaining exposure to XRP through the spot ETFs in the US have also changed their strategy. After more than a month of inflows (or days with zero reportable activity), June 3 turned red with more than $5 million in net inflows, according to SoSoValue data.

What’s Next?

CasiTraders weighed in on XRP’s price performance, indicating that it is “breaking below a very important support level.” She believes the token’s landscape could worsen from this point forward and predicted a substantial crash to levels below $1.00 soon:

My expectation is:

➡ Sharp move down toward ~$0.92

➡ Relief bounce back toward ~$1.20 (which should act as resistance)

➡ One final move toward $0.87

However, this move south to under $1.00 could be invalidated if XRP rebounds decisively and reclaims the $1.30 resistance soon.

Le poste XRP Could Crash Under $1 After Key Breakdown and Whales Exit: Analyst est apparu en premier sur CryptoPatate.

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