XRP plunged to 1.25 dollars on Tuesday, tracking the widespread selloff roiling cryptocurrency markets. The move erased all of XRP’s gains since early February, pulling attention back to the long-term upward trend line and the key support zone around the 50-month exponential moving average. The retreat has left investors questioning what might come next for the popular digital asset.
Technical analysis spotlights crucial support zone
According to TradingView data, XRP kicked off June trading at 1.33 dollars, just below its 50-month exponential moving average. Analyst Egrag Crypto took to X (formerly Twitter) on Monday, emphasizing that the price has hovered at or just beneath the multi-year rising trend line, a level that has offered strong support since 2017.
While Egrag Crypto acknowledged that market sentiment has taken a clearly bearish turn, he also noted that XRP has, in previous major corrections, temporarily fallen below this support only to attempt recoveries thereafter.
Past episodes reveal that whenever XRP started the month beneath the 50-month moving average, it often approached its cycle bottom. Currently, the price remains below the macro trend line, but as witnessed in 2020, 2023, and now 2024, short-lived dips below support followed by recoveries remain plausible technical scenarios for the coming weeks.
Analysts eye 1 dollar mark and below
Should the broader market weakness persist, some analysts warn that XRP may test even deeper lows. ChartNerd suggests a new local bottom could form in the 0.70 to 0.90 dollar range, describing this zone as a potential final wave of weakness ahead of a larger reversal.
Meanwhile, Kamile Uray points to the 1.26 to 1.30 dollar band as critical support. If XRP fails to hold this area, a deeper correction toward the 0.94–1.11 dollar range could unfold. The loss of the 1.27 dollar support has refocused investor attention on the 1.11 dollar level and the psychologically significant 1 dollar mark.
June historically weak for XRP
A look at XRP’s historical performance paints a cautious picture. Over the last twelve Junes since 2014, XRP closed negatively in eight of them, with average losses hovering near minus five percent. Notably, these declines were sharper in years when May also ended with losses.
CryptoRank data further highlight that XRP’s June performance tends to deteriorate during bear markets. The coin lost 23.8 percent in June 2018 and 21.5 percent in June 2022. The most dramatic drop came in June 2021—a 34.4 percent plunge—largely attributed to the United States Securities and Exchange Commission’s lawsuit against Ripple. Ripple is known as a blockchain-focused company developing payment solutions linked to XRP.
While historical data alone cannot predict future price action, both current chart patterns and seasonal trends suggest that downward pressure may persist through June. However, some market participants believe a possible rebound could start to take shape in July.
