Key facts
- XRP price dropped to a low of $1.18 on June 2, settling near $1.20.
- The cryptocurrency broke below the $1.25 support level, which has now flipped to resistance.
- Analysts are closely watching the $1.20-$1.21 support zone.
- A breakdown below $1.20 could lead to prices of $1.13-$1.15.
- June has historically been a weak month for XRP, with an average return of around -5% since 2014.
XRP experienced a significant price drop on June 2, falling over 5% from $1.27 to a low of $1.18 before settling near $1.20. This decline erased gains made since early February and broke the key $1.25 support level, which has now flipped to resistance. The sell-off occurred during a market-wide downturn, with trading volume surging as the price broke through $1.25. Analysts are closely watching the $1.20-$1.21 zone as crucial support, with a breakdown potentially leading to $1.13-$1.15. Some analysts, like Egrag Crypto, suggest the current setup might be a bear trap, pointing to historical patterns of opening June below the 50-month EMA and breaking macro trend lines. Crypto Patel views the $1.10-$1.30 range as an accumulation zone, with potential generational entry points at $0.65-$0.85 if support breaks. Despite some positive on-chain signals like XRP leaving exchanges, technical selling appears to be in control. Historically, June has been a weak month for XRP, with average negative returns.
