XRP Drops 15% in a Flash Crash, Ripple Whales with Over 1M Coin Breaks 2,000

XRP is down, following the trend across the crypto scene. Even with the confidence among bulls, prices slipped below $0.50 aggressively, dropping to as low as $0.45 before recovering. Bears will likely have the upper hand in the short term, considering the general inactivity over the weekend.  Unless there is an expansion above $0.55 (unlikely), the next reaction point to monitor will be $0.46, the lower limit of the support zone.

Thus far, XRP is down, dropping 5% from the previous week but stable on the last day. At the same time, the average trading volume in the past 24 hours is down to around $720 million, nearly half of the mean of last week.

The following XRP and Ripple news events are worth tracking in the sessions ahead:

• Ripple, a blockchain company, and Meld Gold are joining hands to issue gold and silver tokens on the XRP Ledger in the second half of 2024. Each token will be backed in the same portion as real gold or silver and will be fully redeemable.
• According to trackers, whales are buying more and more coins. The latest data from Santiment shows that users holding at least 1 million XRP now exceeds 2,000—the highest it has ever been.

XRP Price Analysis

After weeks of holding the line, the flash crash of June 6 was a game-changer in price action dynamics.

Though there are hopes, the XRP/USD price is under immense selling pressure.

There was a long lower wick on June 6, suggesting buyers at the close of the sessions. Even so, aggressive sellers can look to align with the emerging trend, targeting $0.45. On June 6 alone, the coin fell 15%.

This preview will only change if bulls flow back, reversing losses of last week and pushing XRP above $0.55.