The post XRP Price to Test Key Support at $2.01: Can Bulls Reclaim Momentum? appeared first on Coinpedia Fintech News
XRP price is currently navigating turbulent waters as part of the broader crypto market volatility. The total market capitalization of the industry has fallen by 3.81%, now standing at $3.3 trillion. This sharp downturn was triggered by widespread trader liquidations totaling $712.76 million. Notably, long positions comprised $644.84 million.
XRP suffered $29.68 million worth of liquidations, with a staggering $29.26 million coming from longs and only $419.93k from shorts. This outsized ratio reflects overleveraged bullish bets and subsequent panic exits. In this XRP price analysis, we explore where the token could be headed amidst the downturn of events.
Whale Activity Surges Amid Price Drop?
The exchange outflow chart by CryptoQuant shows a significant uptick in XRP movements today, i.e, on May 30, with over 330 million XRP exiting in various bands. Notably in the 1 M+ XRP category (light blue), followed by 100k–1M XRP (purple) and 10k–100k XRP (green). This spike in outflows typically suggests that whales are moving assets off centralized exchanges, possibly toward cold storage or alternate platforms, often a bullish signal long-term.
However, given the price decline, this may also signal precautionary withdrawals amid market uncertainty. In the short term, reduced exchange supply may ease selling pressure, potentially aiding in price recovery.
Ripple XRP Price Analysis:
XRP price today is at $2.19, marking a 4.38% drop in the past 24 hours and a 10.52% fall over the week. Its market cap has contracted to $128.72 billion, down 4.36%, despite a sharp rise in 24-hour trading volume to $3.49 billion, up 32.74%. This surge in volume amid a price drop reflects liquidation activity.
On the price chart, XRP is trading close to its 24-hour low of $2.18, with resistance overhead at $2.26. If bulls manage to reclaim this level, XRP could rebound toward the $2.4 to $2.5 range. However, continued rejection at this resistance could drive the price back to the key support zone at $2.0145.
Also read our Ripple XRP Price Prediction 2025, 2026-2030 for long-term price targets!
FAQs
The rise in volume is likely driven by panic selling and liquidations rather than buying interest, which has contributed to the price decline.
It indicates significant whale movement, possibly for long-term holding or strategic repositioning, which could reduce sell pressure on exchanges short term.
XRP price now is trading at $2.19 with a daily change of -4.38%.