XRP experienced a sharp decline on June 5, dropping below $1.10 during intraday trading and reaching a multi-month low. Selling pressure was most pronounced during the volume-backed drop, after which buying interest emerged near $1.09, providing slight stabilization. However, intraday movements indicated that the rebound strength remained weaker than the prior selling pressure.
ETFs continue to see inflows.
CoinDesk, citing market data, reported that the XRP ETF recorded a net inflow of approximately $4 million after experiencing its first single-day outflow in three weeks, bringing the total cumulative inflow to nearly $1.5 billion. Although capital flows have not fully turned bearish, this has not prevented the price from continuing to decline.
Meanwhile, overall risk appetite in the crypto market has declined. The Fear & Greed Index has dropped into the "extreme fear" range, as traders' concerns about the macroeconomic environment have intensified. As a result of this downturn, XRP’s market capitalization has fallen below $75 billion and has been overtaken by USDC.
The intraday low touched $1.09.
Over the past 24 hours, XRP declined from around $1.17 to $1.11, reaching an intraday low near $1.09. The most pronounced drop occurred around 06:00 UTC on June 5, when trading volume surged to approximately 268.2 million XRP, accelerating the downward momentum.
Afterward, the price briefly rebounded to around $1.133 but failed to hold, quickly falling again and hitting a new intraday low. Buying interest only became noticeably strong below $1.10.
- The intraday low was approximately $1.09.
- The first rebound resistance is at $1.12 to $1.13.
- The key support is currently at $1.09 to $1.10.
The short-term trend has not yet shaken off its weakness.
From a price structure perspective, XRP’s previous support zone is now transitioning into a new resistance zone. The $1.20 to $1.25 range, which was still considered a buying area just days ago, has now become a zone where sellers are re-emerging.
The report noted that after dropping below $1.10, XRP briefly entered an oversold condition rarely seen in years. However, being oversold does not necessarily mean the trend has reversed, especially in a decline driven by forced liquidations, as prices may remain depressed for an extended period.
The key area of market focus remains between $1.09 and $1.10. If this level is breached, some analysts target the next downside level at $0.92. To alleviate current weakness, XRP needs to reclaim the $1.12 to $1.13 range, accompanied by stronger rebound volume.