Recent fluctuations in the cryptocurrency market have significantly impacted XRP's price, which strives to hold the $2 level as psychological support.
Market Trends
Since April, XRP has been trying to maintain the $2 level. On June 13, while the market experienced a loss exceeding $1 billion due to liquidations, XRP stabilized at $2.14. Despite this, a downward trend in the short-term chart raises concerns among analysts.
Investor Behavior
Increased selling pressure across the market has negatively affected many cryptocurrencies' price movements, including XRP. Large investors, known as 'whales,' reportedly sold 150 million XRP tokens, applying downward pressure on the price. Such sales volumes prompt caution among market participants.
Technical Analysis and Projections
Emerging downward formations in the 4-hour chart suggest potential downward movements in XRP's future price. It is psychologically significant to maintain the $2 level; however, falling below this could trigger a new wave of selling. Investor sentiment is mixed; while some anticipate stabilization, others predict continued volatility.
XRP struggles to maintain the $2 level, with large investors' actions directly affecting price fluctuations. In high volatility conditions, investment strategies necessitate caution and close monitoring of technical indicators.
