The price of XRP lost value in June due to increasing selling pressure. Nevertheless, the number of long positions reached record levels throughout the month. Investors are closely monitoring new support points and price movements.
Ripple's cryptocurrency XRP started trading at $2.13 on June 21, experiencing a 1.42% decline. The wave of selling throughout June is testing the narrow price range XRP has been stuck in for the last seven months. Analysts say that this intense selling increases the likelihood of a downward price breakout. On the other hand, buyers are actively intervening to maintain the current support level.
Recent data shows a significant weakening in the price of XRP, causing investors to carefully monitor the future direction of the price. In technical analyses, the possibility of the price moving downward from the current consolidation area is prominent. While the price fluctuated within a certain range for seven months, serious resistance was formed at the lower limit due to increased selling pressure in June. Experts agree that XRP may need a new support level.
Investor Attitudes and Market Trends
However, the number of investors opening long positions throughout the month has reached new peaks. This indicates that many buyers are taking precautions against a possible price decline. While it is observed that investors defending XRP at current levels are active, some market participants are acting cautiously due to concerns that the price may decline further. On the other hand, many investors emphasize the importance of the current support point, maintaining their long-term optimism.
Ripple analysts state, “The lower boundary of the seven-month consolidation band is a critical support point. Maintaining this level is of great importance for the price to remain stable.”
Experts point out that the main factor that will determine the direction of the XRP price in the coming days will be short-term price movements, highlighting the struggle between buyers and sellers. While investor behaviors shape market trends, current technical levels are also closely monitored. Analysts particularly focus on the sustainability of buyer support.
Ripple's XRP, which has recently seen a decrease in market motivation, is going through a critical process. How the price will behave in the coming days may vary depending on the maintenance of current support levels. These developments may cause investors to act more cautiously. It is becoming increasingly important to track new support and resistance points for XRP holders.
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