Will XRP Price Finally Have A Breakthrough in June?
With the completion of another month, XRP hasn’t made any satisfactory improvements in its price. The altcoin is still stuck around the average of $0.5 for months now. XRP had a good rally in 2018, where it rose to a high of $3.84, and has been struggling ever since. The XRP price is struggling despite the semi-bullish market conditions where the user’s sentiments are greedy per the fear and greed index.
So, is there any chance of a breakthrough for the XRP price? Let us see what the technical factors and analysts have to say.
XRP Price Is In Critical Stage of Ups & Downs
XRP has managed a 1.14% hike in its price and is currently trading at $0.5198. However, it is still 1.19% down in the weekly data, balancing the gains and the losses. In a month’s interval, the XRP price has only moved between $0.55 to $0.49, with $0.55 being the highest. However, today has witnessed a 67% surge in its trading volume of $1,012,239,237, which might help it gain more.
This XRP price hike comes from the increased whale interaction on the network. Just recently, $ 77 million XRP (worth $40 million) has been moved from the Binance exchange to unknown wallets.
On analyzing the XRP charts, the key resistance comes out at $0.5, and the significant support is at $0.47, causing this sideways movement. This is the same pattern that was exhibited in the late months of 2023 when the price moved to a $0.7 mark. The same might happen if the buyers can push the value a little higher to begin the upward movement.
On the other hand, the technical indicators are pointing at the loss of momentum for this cryptocurrency. The Relative Strength Index is below 50, which could initiate a downward trend for XRP.
Ripple’s June Sale Might Push XRP Price Even Lower
Ripple is planning for the biggest crypto sale this month with a 400 Million XRP release in the market. Every month for the last seven years, the network transferred 200 Million XRP to its treasury through the Ledger escrow system. But this month, an additional 200 Million XRP has also been moved from a Ripple (35), a dormant account. As a result, June will witness the selling of twice the tokens than usual.
XRP has been in the same price range for years. The analysts believe a major sell-off may get triggered by this increased selling.
Final Thoughts
As of now, there are no clear signs of any breakthrough, but a few points can lead to a minor surge in the XRP price. The XRP community is still maintaining its support for the token with expectations on the altcoin season, which is supposed to hit the crypto market soon. For now, if the XRP price could hit the March high, it can make decent profits for investors.
Continue Reading Here’s How This Crypto Trader Made $160,000 With Trump’s Conviction
The post Will XRP Price Finally Have A Breakthrough in June? appeared first on CoinGape.