XRP Plummets Below $1.30: Is $1.20 the Next Stop?

<a href="https://pricpr.com/xrp-usd/">XRP</a> falls 4% below $1.30 as <a href="https://jpyxx.com/btc-usd/">bitcoin</a>-led market weakness pulls down majorsMarkets

What to know:

XRP broke below the closely watched $1.30 support on heavy volume, extending a downtrend marked by lower highs and lower lows.
More than 25 million XRP have moved off exchanges, hinting at accumulation, but rallies are still being sold and have not produced sustained price strength.
Traders are watching support around $1.26 and resistance near $1.27 to $1.30, with a break below current levels potentially opening a move toward $1.20.

XRP recently fell below the $1.30 price level, which traders had been working hard to maintain for several weeks. This drop happened with a significant surge in trading activity. While XRP is continuing to move off of exchanges – often a sign that people are buying and holding – the market is still reacting to price increases by selling, keeping the price firmly trending downward.

News Background

Recently, over 25 million XRP tokens were withdrawn from cryptocurrency exchanges. This happened after a large amount of XRP was deposited onto exchanges earlier this week, hinting that some investors are buying XRP during a price dip.

Even with recent selling, XRP’s price movements still largely follow the general trends in the cryptocurrency market, and there’s no clear sign of unique interest in XRP itself pushing the price up.

Experts are still trying to determine if the recent stock market decline is just a short-term dip, or the beginning of a more significant drop towards price levels seen earlier this year.

Price Action Summary

Over the past 24 hours, XRP’s price dropped from $1.3109 to $1.2668, a decrease of 3.4%. The main price drop happened around 1:00 PM UTC on June 1st, when trading volume spiked and pushed the price below a support level of $1.2960. Although XRP briefly tried to recover to $1.2791, selling pressure quickly returned, driving the price back down to its lowest point of the day.

Technical Analysis

The price falling below $1.30 is significant because it breaks through a key support level. While some positive activity is happening with exchanges, it hasn’t yet led to a price increase. Attempts to recover near $1.2730-$1.2750 haven’t been successful, indicating sellers are still in control even when the price briefly rises. Overall, the price is consistently making lower highs and lower lows, suggesting a continued downward trend.

What traders should watch

Currently, XRP is finding support between $1.2650 and $1.2670 after a recent price drop. To start recovering, it needs to break through the $1.2730-$1.2750 resistance level. While a price above $1.30 would signal a strong recovery, traders are mainly watching to see if support around $1.26 holds. If that support fails, the next significant target for a potential drop is around $1.20.

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