XRP Falls Toward $1.10 as Liquidation-Driven Selloff Pressures Token
XRP dropped 5% in the latest session, breaking below the $1.20 support zone on high volume, which traders attribute to forced liquidations rather than organic selling. The token touched lows near $1.09 before a slight recovery, now testing whether $1.10 holds as key support. The broader market sentiment remains weak, with the Fear & Greed Index in extreme fear territory. XRP also fell behind USDC in market cap rankings after dropping below $75 billion. Technically, the breakdown turned former support levels into resistance, with the $1.20-$1.25 zone now acting as a selling area. Weekly RSI reached oversold levels not seen in years, historically associated with major cycle lows, but oversold conditions alone do not guarantee a rebound. The bounce from $1.09 showed seller exhaustion, but recovery volume was weaker than the prior selling. Key levels to watch: support at $1.09-$1.10; a break could target $0.92. Resistance is at $1.12-$1.13, and a durable bottom would require stronger volume on rebounds. The trend remains bearish until former supports are reclaimed.
Key facts
- XRP fell 5% to $1.11, touching lows near $1.09 before slight recovery.
- Volume surged to 268.2 million XRP during the June 5 06:00 UTC session.
- Weekly RSI reached oversold levels not seen in years, historically near cycle lows.
- Key support at $1.09-$1.10; loss could target $0.92.
- Recovery volume remains weaker than selling, indicating trend remains bearish.