Why Is the Ripple (XRP) Price Down This Week? (June 23)
XRP is down 10% on the weekly chart, with the $1 support on sight. Will buyers return there?
Ripple (XRP) Price Predictions: Analysis
Key support levels: $1
Key resistance levels: $1.3, $1.6, $2
Sellers Eye $1
After the bearish retest of the $1.3 resistance, sellers returned in force and now appear ready to revisit the key support at $1. XRP also had a rough week so far after the price fell by 10% at the time of this post.
With buyers absent, this cryptocurrency will have to fall lower to find them. The first key level at which they may return is $1. In early June, the price bounced on this level, but a re-test would show sellers mean business and could even take XRP below it.
Sustained Sell Volume Sends the Price Lower
The bounce in mid-June was short-lived, and sellers returned to dominate the chart and volume profile. A candle count on the daily timeframe since the start of June shows that sellers have controlled the price for 18 of 26 days.
This trend is likely to continue until support is found. While the key psychological level at $1 is likely to provide some relief, a re-test can be interpreted as bearish, with sellers keen to push the price below it.
Daily RSI Rejected at 50 Points
Another signal that buyers were losing control over the price was evident in the daily RSI, which was rejected at 50 points. The indicator quickly fell further after that, indicating weakness in price action.
To be bullish, you want the RSI to stay above 50 and range above it. To be bearish, you want it to stay under 50 and range in that bottom half. Unfortunately for XRP, the latter is the case. As long as this continues, the bias remains bearish.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The AI boom may follow the path of the 19th-century railway bubble, and builders may not be the ultimate winners
Goldman Sachs analyst Bobby Molavi compared the current situation to the 19th-century British railway mania: 500 companies spent more than the nation's annual income building 8,000 miles of railway, with most early investors losing out, while the real beneficiaries were the later "passengers." He pointed out that the current AI craze is driven by both debt and momentum, and that the S&P 500’s forward P/E ratio of 18x is only "a bit cheaper." Whether the builders can retain value is uncertain, and history does not offer an optimistic answer.
If Anthropic's IPO goes smoothly and the stock price rises next week, then everything remains the same for AI. Otherwise, some companies will go bankrupt.
The shrinking valuations of two major giants have triggered a chain reaction—investors are adopting more conservative revenue multiples for AI startups and are directly halting high-valuation financing for companies with zero revenue. Multiple venture capital firms have advised their portfolio companies to lower valuation expectations and to quickly build up cash reserves. Market participants warn that the outcome of Anthropic’s IPO will be a barometer for the industry: if successful, the boom will continue; if it fails, some companies may face elimination.
After the Brazilian election, political discount deepens; Morgan Stanley remains bullish on Petrobras (PBR.US), focusing on fuel pricing and dividends
Morgan Stanley still maintains its most optimistic "Overweight" rating, but has lowered its year-end 2027 target price from $31 to $25.
Corning (GLW.US) receives initial "Buy" rating from Jefferies! AI factories driving a fiber optic rush, with a potential global supply gap of up to 30%
For Corning, the recent profit growth mainly comes from the expansion of AI clusters. As the number of optical links crossing cabinets and campuses increases, customers need to deploy more optical fibers within limited conduit and cabinet space, thus driving demand for high-density optical cables and connection systems.
Crypto prices
More
