XRP Strengthens As Ripple Plans To Dump 1 Billion More Coins: Will This Crush Bulls?

XRP stabilized on June 27 after worrying losses early this week. Even with these gains, there is nothing major to expect from the coin. Ripple prices didn’t spike in either direction, meaning the coin remains within an extended consolidation from April. In the sessions ahead, traders should stay on the sidelines, waiting for a breakout from the boring range. Overall, buyers are in charge from a top-down preview, especially if the support zone at $0.45 to $0.46 holds.

At press time, XRP is still not out of the woods. Even though the coin is up 2% in the previous day, it is in red in the prior week. Perched at seventh, XRP is down 3% in the last seven days. At the same time, the average trading volume is below average, printing roughly $850 million—below the $1 billion weekly average.

XRP Daily Chart for June 28

Traders are watching out for the following XRP and Ripple news:

  • In July, Ripple will unlock 1 billion XRP.  Since 2027, the blockchain company has been releasing coins every month as part of its decentralization strategy. The release in the next few days is when the coin is under intense selling pressure and at risk of dropping below $0.45.
  • Once live, a Ripple executive said the RLUSD stablecoin will complement XRP in enabling smooth, cheap, and efficient cross-border flows. Like the seventh most valuable coin, the stablecoin will launch on the XRP Ledger.

XRP Price Analysis

XRP/USD is stable, as mentioned.

Even so, zooming at price action, it is evident that bulls are struggling.

The local support is at $0.46; if prices plunge below this line, XRP could slide to as low as $0.40.

The immediate liquidation level is $0.52.

A break above this line, at the back of rising volume, could see XRP soar to $0.55. This move would be the much-welcomed bullish breakout formation, countering losses of mid-April.

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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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