XRP Bears Relentless, Whales Buying But Ripple Preparing For $0.40?
XRP is falling, breaking below $0.50 as sellers press on, targeting $0.40. Even so, whale accumulation could slow down the sell-off
XRP has not been spared in the current sell-off. As it is, sellers have the upper hand as the trend shifts, favoring aggressive bears. Unless there is a breakout above $0.52 and $0.55, sellers could continue pressing on lower, targeting $0.40 in the short term. Thus far, there are prints suggesting that the downward momentum is strong, looking at the reaction of the BB indicator.
At press time, XRP is in red, and the short-term bear trend could be in the early stages. To quantify, the coin is down 1% in the last day and 9% in the previous trading week. If the trend is to change and buyers take over, there must be a sharp uptick in trading volume above the current average of $1.2 billion printed on the last day.
The following XRP and Ripple news events might influence price action:
- XRP whales, on-chain data shows, are actively accumulating. Specifically, addresses with at least 100 million coins have been buying more, taking advantage of the price contraction. Even so, the number of active addresses is down by approximately 40% in June.
- Ripple launched the Asia Pacific Fund to spark on-chain development on the XRPL. The fund is part of the 1 Billion XRP initiative to encourage building on the blockchain.
XRP Price Analysis
XRP/USD is under immense selling pressure at press time.
Even though the June 11 bar had a long lower wick, suggesting buying pressure, the trend is southward.
Accordingly, aggressive traders can look to sell on every attempt higher within the June 11 bar, targeting June 6 lows.
This means the immediate target would be at least $0.46 but ideally $0.40.
Of note, this preview aligns with the established trend of April when prices plunged to register Q1 2024 lows.
Any upswing above $0.52, reversing all losses of June 11 and June 7, invalidates this bearish formation.
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