Summary Points
- XRP has dropped 10% this week, approaching the critical $1 support level as sellers regain momentum.
- The price’s failure to sustain the $1.3 resistance and the recent retest indicate bearish pressure, risking a fall below $1.
- Persistent selling volume and the daily RSI dropping below 50 point to continued downward trend and weak buyer control.
- A move below $1 could trigger a bearish continuation, but the level remains a key psychological support for potential buyer re-entry.
Why Is the Ripple (XRP) Price Down This Week? (June 23)
Sellers Gain Control and Drive Price Lower
This week, XRP’s price dropped by 10%. After testing the resistance at $1.3, sellers regained strength. As a result, the price has fallen sharply. Many traders now focus on the $1 support level. In early June, XRP bounced from this point, hinting it might hold again. However, if selling continues, XRP could dip below the $1 mark. Currently, the market shows aggressive selling, pushing the price downward.
Market Indicators Signal Weakness
The daily Relative Strength Index (RSI) also shows signs of weakness. The RSI was rejected at 50 points, which signals that buyers are losing momentum. The indicator then fell further, confirming the bearish trend. Most days since June started have seen sellers dominate the chart. Without increased buying, the downward trend might continue, making traders cautious. The overall sentiment suggests that XRP still faces pressure, especially if key levels are broken.
These factors explain why XRP’s price has declined this week. The combination of strong selling volume and technical signals shows ongoing bearish momentum.
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