XRP Extending Losses, Ripple CEO Rips into Dogecoin

XRP is down, just like Bitcoin, when writing. Even after the rejection of lower lows, prices dumped earlier today. Technically, sellers are in control, and it will be confirmed should XRP drop below the June 6 low.

At press time, sellers have the upper hand, even after the stabilization over the past three days.  XRP is down 2% on the last day and 7% on the previous trading week. The dump is with rising volume. Over the last day, it shot above $1.4 billion after staying below $1 billion over the weekend and early Monday.

XRP daily chart for June 11

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The following XRP and Ripple news developments should be closely monitored:

  • Brad Garlinghouse, the CEO of Ripple, thinks Dogecoin, the world’s most valuable meme coin, has been no good for the industry. Out of Dogecoin, there have been multiple iterations where investors have been scammed hundreds of millions if not billions of dollars.
  • David Schwartz, the CTO of Ripple, has responded to rumors that the blockchain company might, after all, disassociate itself from XRP.  There were concerns that the difficulties in the traditional finance scene would hinder the company from achieving its objective.

XRP Price Analysis

XRP/USD is down, breaking down in early June 11.

Due to the losses of June 6, sellers have the upper hand.

Accordingly, as long as prices are inside the bear bar, every high should be an opportunity to offload the token.

The first target would be $0.46 and later $0.40.

However, considering how XRP price action is, any sudden expansion above $0.55 would, as mentioned before, cancel this bearish outlook.

Thus far, the drop below the narrow range established over the weekend cements the bearish outlook.

In light of this, the odds of the coin even dumping to $0.40 is high.

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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