Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the latest happenings in the stock market, trading, and Wall Street. Today, we take a closer look at the recent price action of XRP/USD in June 2024.
XRP started the week with a strong 5% surge, reaching a weekly high of $0.53 by June 5. However, the positive momentum was short-lived as the NFP report on June 7 caused a major sell-off in the market. The red-shaded area on the chart above illustrates a significant 14% crash, with XRP dropping to a 50-day low of $0.45.
Despite a partial recovery back to the $0.50 level, the overall sentiment in the market remains bearish. Investors are cautious as they assess the impact of recent events on XRP’s price movement.
In the midst of the market turmoil, XRP bull traders have stepped in to mount a $13 million support buy-wall. This strategic move aims to stabilize the price of XRP and prevent further downward pressure. While spot markets saw frantic sell-offs, data from Coinglass’ Liquidations Chart highlights that the majority of the price drop was driven by massive liquidations in the futures market.
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