XRP’s price falls to 2-month low – More losses incoming?

• 
  
  XRP
  fell
  to
  a
  two-month
  low
  on
  7
  June
• 
  
  XRP
  depreciated
  after
  reports
  claimed
  Ripple
  sold
  some
  of
  its
  XRP
  holdings

XRP’s
price
cratered
to
a
two-month
low
of
$0.498
during
the
trading
session
on
7
June,
according
to
Santiment’s
data.
The
last
time
the
altcoin
was
trading
at
this
price
level
was
back
on
17
April. 

This
decline
was
caused
by
market
jitters
following
reports
that
Ripple,
the
token’s
developer
and
largest
holder,
sold
150
million
XRP,
valued
at
$75
million
at
current
market
prices,
on
that
day.

With
significant
selling
activity
ongoing
at
press
time,
XRP’s
sales
volume
was
up
104%
in
the
past
24
hours.
This
formed
a
bearish
divergence
with
the
token’s
price,
which
logged
a
4%
price
decline
during
that
period. 

When
an
asset’s
daily
trading
volume
surges
while
its
price
falls,
this
is
a
bearish
signal.
It
suggests
that
more
market
participants
are
selling
the
asset.

ADVERTISEMENT

XRP
ready
to
take
more
losses

AMBCrypto’s
assessment
of
XRP’s
price
performance
on
the
one-day
chart
revealed
that
the
altcoin
is
poised
for
a
further
downtrend
in
the
short
term.

XRP’s
price
decline
in
the
past
24
hours
has
pushed
its
price
below
its
20-day
Exponential
Moving
Average
(EMA). 

An
asset’s
20-day
EMA
tracks
its
average
price
over
the
last
20
days.
When
the
price
falls
under
this
key
moving
average,
it
signals
a
spike
in
selling
pressure,
suggesting
that
the
bulls
are
losing
market
control.

Confirming
the
surge
in
selling
pressure,
XRP’s
key
momentum
indicators
trended
downwards
and
were
positioned
below
their
respective
50-neutral
lines
at
press
time.
For
example,
XRP’s
Relative
Strength
Index
(RSI)
was
37.97,
while
its
Money
Flow
Index
(MFI)
was
32.29. 

At
these
values,
the
indicators
showed
that
the
token’s
traders
preferred
XRP
distribution
over
its
accumulation.

Read Ripple’s
[XRP]
Price
Prediction 2024-25

Furthermore, 
XRP’s
Aroon
Down
Line
(blue)
was
92.86%.
An
asset’s
Aroon
indicator
identifies
its
price
trend
strength
and
potential
reversal
points.
When
the
Aroon
Down
line
is
close
to
100,
it
indicates
that
the
downtrend
is
strong
and
that
the
most
recent
low
was
reached
relatively
recently. 

Source:
XRP/USDT
on
TradingView

If
selling
pressure
continues
to
mount,
XRP’s
price
may
dip
to
$0.491.
If
the
bulls
fail
to
support
this
level,
XRP’s
value
may
drop
below
the
$0.49-level
to
trade
at
$0.481.

Source:
XRP/USDT
on
TradingView

However,
if
this
projection
is
invalidated
and
the
bulls
regain
market
control,
they
may
push
the
token’s
price
to
$0.5.