XRP Tumbles as Sellers Take Control in Crypto Market
Ripple (XRPUSD) is down 6.4% over 24 hours to $1.21 on Tuesday, closely tracking a broader crypto market sell-off that is primarily driven by Bitcoin’s weakness.
Crypto analysts said the sharp price depreciation was amplified by a technical breakdown below the key $1.30 support level. Bitcoin is trading at $67k on Tuesday amid institutional selling pressure from spot ETFs.
XRP’s decline mirrors a wider risk-off move in crypto. Bitcoin dropped 5.77% to $67,227.98, dragging down major altcoins. Analysts linked the sell-off to shaken confidence following MicroStrategy’s first Bitcoin sale in four years.
With total market cap down 4.66%, XRP acted as a high-beta satellite to Bitcoin’s move. XRP price broke decisively below the psychologically important $1.30 support on high volume (96.26 million on June 1). This invalidated a prior consolidation pattern.
Momentum indicators are deeply oversold, according to technical traders, with the 14-day Relative Strength Index (RSI) at 27.55, suggesting selling pressure may be exhausting.
The breakdown shifted market structure to bearish, but the oversold technical signal indicates a potential for a short-term bounce or consolidation.
The immediate trend is bearish below the $1.26–$1.28 resistance cluster, according to technical analysis of XRP price movement. The next major support is the $1.20–$1.22 zone, which aligns with the yearly low from February.
A catalyst to watch is the next scheduled Ripple escrow unlock on July 1, though May’s record $118.29 million in XRP ETF inflows shows underlying institutional demand.
Sellers are in control, but the market is probing for a bottom at multi-month supports. A daily close back above $1.28 will signal a potential relief rally.
While oversold conditions may slow the descent, the path of least resistance remains down until key resistance is reclaimed. Toncoin Gains 10%, Cluster of Ecosystem Updates Drive Rally
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