XRP is facing challenges, dropping 5.3% over the past 24 hours despite notable whale activity in the market.
Market Dynamics and Whale Activity
Over the past 24 hours, XRP declined from $2.21 to a low of $2.08 amidst selling pressures. Whale movements accounted for nearly $500 million in transactions, including Ripple moving $439 million worth of XRP to an unknown wallet and other whales transferring $58 million to exchanges. The technical resistance was established at $2.17, while the support was tested around the $2.08-$2.09 zone.
Trading Action and Volume Analysis
The steepest selloff occurred between 12:00 and 16:00 UTC on June 26, with hourly volumes exceeding 99 million XRP. Attempts to break above $2.12 during the session were unsuccessful, establishing a clear resistance at $2.17. The $2.08-$2.09 zone remained resilient despite repeated tests. By the end of the trading session, XRP showed a modest recovery, lifting from $2.09 to $2.10.
Technical Outlook and Market Context
The $0.13 intraday range highlights the token's volatility amid market uncertainty. Recovery attempts repeatedly failed at the $2.14 and $2.12 levels, resulting in a settlement around $2.10. Resistance levels hold at $2.17, while the $2.08-$2.09 support zone is critical for preventing further downside.
XRP's 5.3% decline occurred despite whale actions and improving geopolitical conditions, underscoring the token's technical weakness. The $2.08-$2.09 support zone is crucial for future prospects, while resistance at $2.17 caps near-term upside potential.
