XRP continued its downward trend, briefly dipping to around $1.32, a 15-week low. Despite some positive signs, such as token outflows from exchanges and continued inflows into the spot XRP ETF, price rebounds were repeatedly met with selling pressure, and the short-term trend has not yet reversed.
More than 25 million coins flowed out of exchanges.
The report states that over 25 million XRP have been transferred out of exchanges following a significant inflow earlier this week. Such changes typically indicate that some holders are moving their tokens to longer-term storage addresses, but this has not yet led to price stabilization.
Judging from the market performance, XRP encountered new selling pressure every time it tried to rebound, indicating that the market is still dominated by selling pressure, and the signal of funds flowing out of the exchange has not yet translated into price recovery.
ETFs have seen a cumulative inflow of approximately $1.42 billion.
In addition to on-chain flows, spot XRP ETFs also continued to record net inflows. The report mentioned that related products have seen a cumulative net inflow of approximately $1.42 billion, but this demand is currently insufficient to reverse the overall downward trend.
During May, XRP leveraged positions also underwent significant clearing. Most high-risk long positions were liquidated during the previous volatility, and the price rebounded from around $1.28, but the subsequent recovery remained limited.
The $1.31 support level is attracting attention.
During this decline, XRP fell from $1.3384 to $1.3208, hitting a low of approximately $1.314 during the session. The report noted that when it broke below $1.3320, trading volume surged to approximately 55.03 million units, after which the price only saw a slight rebound.
- $1.31 is the short-term support level.
- $1.34 is the first resistance level to be tested.
- If it returns above $1.34, the price may test $1.37 to $1.40.
The report also mentioned a significant area of short covering between $1.34 and $1.40. If the price re-enters this range, volatility could increase significantly. However, until then, XRP's price action still indicates sellers are in control.
