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XRP Price Analysis: Whale Activity Slows, Longs Surge — Key Levels to Watch
Ripple’s XRP has entered a sharp downturn this week, with the price declining 1.45% today to trade at $2.14. The cryptocurrency has been struggling throughout June under pressure from profit-taking by long-time holders and limited interest from new investors.
Investor behavior offers some insight into the current weakness. On-chain data from Glassnode reveals that holders sitting on more than 300% gains began heavy selling earlier in June. These wallets likely accumulated XRP before its breakout in November 2024. The most significant profit realization occurred in early June when selling reached $68.8 million per day on a seven-day moving average, marking the first major activity from these early holders in months. Although this wave of selling has eased again, it remains unclear whether the pressure has fully subsided.
XRP’s price action since March had been relatively quiet until this early June burst, which re-introduced volatility and signaled that long-term investors were still watching the market for exit opportunities.
Waning Volume and Weak Buying Pressure Push XRP Closer to Breakdown
The Chaikin Money Flow (CMF) indicator, a gauge of buying and selling pressure, is trending downward. If it dips into negative territory, XRP may struggle to maintain its footing above $2.
Volume trends have also been unfavorable, with trading activity shrinking steadily for several months. This waning interest has kept XRP stuck in a consolidation phase now extending into its seventh month.
Despite the bearish technical setup, derivative market data suggests growing optimism among some traders. Coinglass reports a spike in the long/short ratio to 1.035, its highest in nearly 30 days. This increase in long positions was accompanied by a 44% rise in trading volumes within a day, indicating that some traders are anticipating a rebound.
Price Levels to Watch: $2.09 Support and $2.37 Resistance
There are two main levels that traders are closely monitoring. The support zone between $1.99 and $2.09 has served as a key buffer since XRP’s January peak of $3.40. If sellers break through this area, the token could slide towards $1.80, potentially even to $1.61, a multi-month low.
XRP bulls still have one pathway to recovery if momentum shifts. A bounce from current levels with an increase in buy orders – similar to the rally seen in April – could drive out short-term speculators and lay the groundwork for renewed upward movement. The 200-day simple moving average (SMA) at $2.37 is the closest resistance level that must be broken to reverse the downtrend.
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Source: www.crypto-news-flash.com
