XRP Slumps to $1.10 as Institutional Selling Intensifies
Ripple (XRP) has lost about 8% in the last 24 hours, trading at $1.10 on Friday on sustained institutional selloffs, and technical breakdown.
The altcoin extended losses were driven by the first net outflow from spot XRP ETFs in over a month removing a key institutional demand pillar. Transaction value surged to $3.17 billion on the back of 4% surge in trading volume.
The immediate catalyst was the first daily net outflow from US spot XRP ETFs in over a month, with $5.34 million exiting on June 3 according to SoSoValue. This occurred amid a record 13-day outflow streak from Bitcoin ETFs, signaling a broad institutional risk-off shift.
The total crypto market cap fell 4.85% in 24h, with sentiment at “Extreme Fear.” Institutional support, which had defended higher prices, has weakened, leaving XRP exposed to broader market selling.
XRP decisively broke below the $1.28 support level, a key floor since April. This triggered stop-losses and liquidations, with one report noting around $30 million in leveraged positions were wiped out.
The price is now testing the 78.6% Fibonacci retracement level at $1.14, with the RSI at 23.17 indicating deeply oversold conditions. The breakdown validated bearish momentum, but oversold readings suggest a near-term bounce could be due.
The immediate trigger is the test of the $1.14 support, according to technical tarders. The upcoming XRPL 3.2.0 network upgrade is a positive fundamental catalyst that could provide a floor if market sentiment stabilizes.
Crypto analysts noted that the trend is bearish, but oversold conditions and a major upgrade create a potential inflection point.
“If XRP holds $1.14 and Bitcoin finds stability, a relief rally toward the $1.30 resistance is possible. A break below $1.14, however, risks a swift move down to the $1.03 area”.
XRP’s drop is fueled by a withdrawal of institutional ETF buying and a breakdown of key technical support. While deeply oversold, the trend remains down until it reclaims $1.30. XLM- Stellar Soars 24% to $0.2087 on DTCC Partnership Catalyst
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