XRP (XRP) dropped to $1.25 on Tuesday after a market-wide sell-off, erasing all the gains made since early February.
Key takeaways:
XRP fell to $1.25 after a broader market sell-off, testing a long-term trend line and the 50-month exponential moving average support area.Support weakness has traders looking at $1 and under next, while optimists see a “bear trap” forming.June has historically been a weak month for XRP, with traders increasing bets on a drop below $1.20.XRP price action teases “bear trap”
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Data from TradingView shows that the XRP price opened June at $0.33, just below the 50-month exponential moving average (EMA).
More importantly, XRP is also trading “directly on/slightly below the White MACRO Trend Line,” analyst Egrag Crypto said in a Monday post on X, referring to the multi-year ascending trend line that has supported the price since 2017.
Related: Three key XRP metrics suggest ‘explosive price expansion’ is next
In previous instances, when XRP opened
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