XRP Price Fluctuations Amid Whale Sell-Offs

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

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Price Volatility: XRP experienced a loss of over 15% in June, although it briefly surged to $1.29 on June 15 due to news of a peace deal between the U.S. and Iran, only to decline again shortly after, indicating fragile market sentiment.
Whale Sell-Off: According to Santiment, XRP whales dumped over 30 million tokens between June 12 and 17, resulting in a decline of whale-held XRP to 3.78 billion by June 17, reflecting a pessimistic outlook among large holders.
ETF Inflows: Despite only seeing a net inflow of $2.62 million in the first week of June, XRP's spot ETFs recorded inflows of $10 million in the following two weeks, suggesting ongoing investor interest despite the overall poor market performance.
Legal Impact: Analyst Jungle Inc noted that XRP could be trading at $24.50 if not for the SEC lawsuit against Ripple initiated in December 2020, highlighting the significant impact of legal risks on XRP's market value, even as a July 2023 ruling alleviated some of this pressure.

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Technical Analysis for XRP

Technical Sentiment Analysis for XRP (XRP). As of , XRP (XRP) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for XRP stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, XRP is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

XRP (XRP) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.865	0.977	1.07	1.182	1.275	1.387	1.48
Fibonacci	0.977	1.055	1.103	1.182	1.26	1.308	1.387

About XRP

Launched in 2012, the XRP Ledger (XRPL) is an open-source, permissionless and decentralized technology. Benefits of the XRP Ledger include its low-cost ($0.0002 to transact), speed (settling transactions in 3-5 seconds), scalability (1,500 transactions per second) and inherently green attributes (carbon-neutral and energy-efficient). The XRP Ledger also features the first decentralized exchange (DEX) and custom tokenization capabilities built into the protocol. Since 2012, the XRP Ledger has been operating reliably, having closed 70 million ledgers.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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