XRP experienced a sharp decline on June 5th, briefly falling below $1.10 to reach a multi-month low. Selling pressure mainly occurred during the high-volume sell-off, followed by buying interest around $1.09, which helped stabilize the price slightly. However, the intraday rebound was weaker than the previous sell-off.
ETFs still see inflows
According to market data cited by CoinDesk, after experiencing its first single-day outflow in three weeks, the XRP ETF recorded a net inflow of approximately $4 million, bringing the cumulative inflow to nearly $1.5 billion. While the funding situation hasn't completely turned bearish, this hasn't stopped the price from continuing to decline.
Meanwhile, overall risk appetite in the crypto market has declined. The Fear & Greed Index has fallen to the "extreme fear" zone, indicating increasing concern among traders about the macroeconomic environment. Affected by this decline, XRP's market capitalization has fallen below $75 billion and has been overtaken by USDC.
The intraday low was $1.09.
Over the past 24 hours, XRP has fallen from around $1.17 to $1.11, with an intraday low approaching $1.09. The most significant drop occurred around 06:00 UTC on June 5th, when trading volume surged to approximately 268.2 million XRP, accelerating the decline.
After that, the price briefly rebounded to around $1.133, but failed to hold and quickly fell back, hitting a new intraday low. It wasn't until below $1.10 that buying interest began to emerge significantly.
- The intraday low was approximately $1.09.
- The first resistance level for the rebound is between $1.12 and $1.13.
- The current key support level is between $1.09 and $1.10.
The short-term trend has not yet escaped its weakness.
From a chart perspective, XRP's recent support zone is turning into a new selling pressure zone. The $1.20 to $1.25 range, which was considered a buying area a few days ago, has now become a re-emergence area for sellers.
The report noted that after falling below $1.10, XRP entered an oversold state rarely seen in recent years. However, oversold does not necessarily mean the trend has reversed, especially in a decline driven by forced liquidation, where prices may remain at low levels for longer.
The core focus for the market remains the $1.09 to $1.10 range. If this level is breached, some analysts are targeting $0.92 as the next low. To alleviate the current weakness, XRP needs to at least regain the $1.12 to $1.13 range, accompanied by stronger rebound volume.
