- XRP fell below $2, ending a 12-week streak, amid broader market bearish pressure.
- Despite 452K active addresses, XRP struggles to gain momentum, reflecting market sentiment.
- XRP faces resistance at $2.05, with key targets at $2.11 and $2.15, depending on market shift.
XRP was trading below $2 on Sunday, breaking a 12-week-long streak of maintaining prices above that mark. This drop comes amid a broader downturn across the cryptocurrency market. Analyst STEPH IS CRYPTO noted a surge in XRP Ledger activity, with 452,000 active addresses, the highest since March. Despite the increase in activity, XRP has struggled to gain momentum
According to Versan Aljarrah, co-founder of Black Swan Capitalist, the recent price action is not due to changes in XRP’s fundamentals but is instead driven by broader market sentiment. The coin remains connected to the broader crypto market, which is currently experiencing a downtrend.
XRP Struggles Below $2.05 Amid Bearish Pressure
After hitting a low of $1.60 in early April, XRP has maintained levels above $2. However, the recent market downturn has exposed its vulnerability. At the moment, XRP is trading under a bearish trendline, with technical indicators pointing to key resistance around $2.05. If XRP clears this mark, it may aim at $2.11 and $2.15. An additional momentum may drive it to $2.19 or higher, but this is not expected unless market sentiment changes.
XRP Volume Rises, Market Sentiment Remains Cautious
According to Coinglass, trading volume surged 59.33%, reaching $9.21 billion. However, the open interest decreased by 1.70%, now standing at $3.55 billion. The Open Interest-Weighted Funding Rate within XRP is at 0.0019%, indicating a calm but restrained market sentiment in the face of the decline.
In the past 24 hours, XRP liquidations totaled $21.37 million, with long traders losing $17.70 million and short traders accounting for $3.67 million. XRP’s performance continues to mirror broader market trends, showing greater sensitivity to external sentiment than internal developments. The compression faced by Bitcoin may be an indication of a downward trend for XRP, unless it breaks through key resistance levels.
Related: Bitcoin ETFs Surge While Solana and XRP Await Greenlight
EGRAG Highlights ‘White Box’ Test as Potential Turning Point
In an X post on Sunday, analyst EGRAG Crypto revisited his previous market forecast that XRP will revisit key support and resistance prices. His X post on June 13 was mentioned, in which he claimed that XRP might slip into white box territory as it creates a significant price zone for the cryptocurrency.
Analysts identified that XRP needed the $2.20 support level to prevent additional falls. As long as the price does not sustain higher than this, he foresaw that it might retest the $2.08 support area. It could even drop to the demand zone around $1.90.
EGRAG believes XRP has now tested the ‘white box’ area, a key macro-support zone that could serve as a foundation for future upside. He views this development as a bullish signal, suggesting that XRP may be building a solid base at current levels.
He described two possible expectations of the future prices of XRP. If the cryptocurrency fails to recover above $2.08, it may consolidate at lower levels, with targets of $1.90 and potentially even $1.77.
Conversely, the ability of the price to form a close above $2.08 on the 12-hour chart would point to a possible bull turnaround. He has pointed out the major breakout zones, such as the one between $2.30 and $2.33, past which XRP needs to break to sustain the upward rally.
The situation is uncertain, and investors are closely monitoring the level of recovery. The future of XRP lies in its ability to survive the bearish period and maintain its relevance in the competitive cryptocurrency market.
