- Millions of XRP tokens have been transported to the Bitstamp exchange.
- Ripple’s XRP price has breached below a critical Fibonacci Retracement tool.
- Invalidation of the downtrend is a breach and close above $0.35.
Ripple’s XRP price shows concerning signals to end the month of June. Investors should prepare for a devastating blow.
Ripple’s XRP shows whales in the water
Ripple’s XRP price looks to end the final day of June with a blow as the bears confidently come out to suppress the XRP price. On June 30, 2022, the bears have produced impulsive bearish candlesticks in nearly free-fall fashion. The sell-off comes after the optimistic memorandum issued by Ripple vowing to hire 100 new employees in the near future. Unfortunately, the news created a buyer's frenzy into a high at $0.3871 that was short-lived.
XRP price currently trades at $0.31 as traders are coming out to join the profit-taking downtrend. This week, on-chain metrics show millions of XRP tokens offloading onto the popular Bitstamp exchange in the last few days. According to blockchain auditor @Whale_Alert, nearly 600 million XRP tokens were sent into an anonymous Bitstamp wallet. This anonymous user now has the power to sell millions of tokens with just one click of a button. This mass movement of capital warrants the idea of a hefty sell-off into a $0.20 target as per previous bearish outlooks.
A Fibonacci Retracement tool surrounding the June 18 low at $0.2872, and the newly established high at $0.3871, shows the bears have already breached the 61.8% Fib level at $0.32 with confidence on the 3-hour chart. The bearish engulfing candle piercing through the key Fib level strongly confounds the idea of more sell-offs to come.
XRP/USDT 3-Hour Chart
Invalidation of the bearish downtrend is a breach and close above $0.35. If the bulls can breach this barrier, they may be able to reconquer the trend and rise towards $0.42, resulting in a 30% increase from the current XRP price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin to extend its consolidation between the $75,000 to $88,000 range
Bitcoin price faces a slight rejection around the $85,000 resistance level on Wednesday after recovering 3.16% the previous day. A K33 report highlights that Cryptocurrencies and Equities have largely de-risked going into Donald Trump’s “Liberation Day” on Wednesday.
Maker, Gala and Polygon lead $100k whale transactions, can altcoins defy looming macro uncertainty?
Maker (MKR), GALA, and Polygon (POL) are among the crypto projects that have seen a spike in whale transactions of at least $100,000 in the past week, as revealed by Santiment on-chain data.
Cardano and Binance Coin Price Forecast: Altcoins ADA and BNB show weakness in momentum indicators
Cardano (ADA) and Binance Coin (BNB) prices edge slightly down, trading around $0.66 and $598, respectively, at the time of writing on Wednesday after a mild recovery so far this week.
Public firms turn balance sheets into Bitcoin vaults: Gamestop raises $1.5 billion; Metaplanet adds 160 BTC
Public companies are increasingly converting their balance sheets into Bitcoin reserves. Gamestop (GME) has raised $1.5 billion in capital, with potential plans to allocate part of the funds toward expanding its Bitcoin treasury.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.