XRP had a turbulent June, showing little clear trend throughout the month. There were significant bearish signals affecting its price and sentiment. However, there is potential for a reversal in July, thanks to the increasing influence of large investors.
Can whales $XRP bear the burden?
Whale activities have been a decisive factor in the past ten days, with large XRP holders accumulating significant amounts despite price volatility. Addresses holding between 10 million and 100 million XRP have purchased over 610 million XRP worth more than $1.33 billion.
This accumulation comes at a time when broader market sentiment remains uncertain, and the impact of whales can influence the volatile behavior seen among smaller investors. Their movements indicate that some major players still have confidence in XRP's long-term outlook, even as the market struggles to gain momentum.
However, investor sentiment remains mixed, as many smaller investors feel uncertain about the next move for XRP. This doubt is exacerbated by macroeconomic conditions that have led to a prolonged bearish trend.
The lack of clear developments such as the delay in the XRP ETF launch has left investors hesitant, reflecting a broader trend of uncertainty in the market. Speaking to BelnCrypto, Timogen Loi, the CEO of Wanchain, indicated that XRP may face difficulties in launching the ETF.
"XRP remains a highly speculative asset, more than BTC or even ETH. Therefore, the SEC's delays are not completely surprising, as they are certainly hesitant to set a precedent and trigger a wave of ETF applications for altcoins. What complicates matters further is the unpredictability of the current Trump administration and the possibility of another political reversal in a few years," Loi stated.
The overall market momentum for XRP has been affected by changes in net positions on exchanges, which show a decline in conviction among individual investors over the past month. The buying and selling pattern on exchanges has been volatile, with no clear trend emerging.
This indicates that investors are uncertain about XRP's near future, which fuels delays in the anticipated ETF launch. The lack of tangible developments has created an atmosphere of uncertainty surrounding the altcoin.
XRP price is facing a downward trend.
The price of XRP has been stuck in a bearish trend for over a month, trading at $2.18 while maintaining support above $2.13. Failure to break through this resistance suggests that the bearish trend may continue into early July. The lack of positive movement leaves XRP vulnerable to further declines unless a significant catalyst appears. Early July and Q3 could present a bleak outlook for XRP if the price remains confined between $2.23 and $2.13. This scenario would indicate a continuation of the bearish trend.
