The price of XRP (CRYPTO: $XRP) has declined 4% in the last 24 hours and fallen below the key support level of $1.30 U.S. as Bitcoin (CRYPTO: $BTC) drags down altcoins.
Analysts say XRP broke down amid heavy trading volumes on June 1 as Bitcoin fell to $69,000 U.S. amid an accelerating selloff in the largest cryptocurrency
More than 25 million XRP have moved off exchanges over the past week. Analysts say XRP continues to track broader crypto sentiment, showing little evidence of demand currently. More From Cryptoprowl: As a result, XRP dropped from $1.31 U.S. to $1.26 U.S. over the pas 24 hours, posting a roughly 4% decline in the process.
Trading volumes in XRP surged to 96.26 million on June 1 amid heavy selling across cryptocurrencies. XRP attempted a recovery toward $1.28 U.S, but sellers quickly took control and forced the price back toward session lows. The breakdown comes as a selloff in cryptocurrencies accelerated after Strategy (NASDAQ: $MSTR) disclosed its first Bitcoin sale in four years, shaking investor confidence in crypto.