XRP (XRP) Price Slips to $1.057 as Binance Holdings Surge to Quarterly Peak

Key Takeaways

• Ripple’s XRP has declined to approximately $1.057, representing a pullback exceeding 15% from its June 16 high around $1.29
• Available XRP inventory on Binance reached its highest point in three months, pushing the Scarcity Index down to 0.34
• Technical analysis reveals a descending wedge formation on the 4-hour timeframe, suggesting potential reversal opportunities
• Data from CoinGlass identifies a significant liquidation concentration around $1.14 that may attract upward momentum
• Derivatives markets saw $13.53 million in liquidations over 24 hours, with bullish positions accounting for 96% of losses

Ripple’s XRP token has experienced consistent downward pressure following its June 16 peak near $1.29. As of June 24, the digital asset was changing hands around $1.057, marking a decline of more than 15% within roughly eight days.

The downturn materialized shortly after Ripple obtained preliminary authorization under Europe’s Markets in Crypto-Assets (MiCA) regulatory framework via Luxembourg. While this approval provides passporting privileges throughout the European Economic Area, market participants opted to realize gains instead of bidding prices upward.

Bitcoin’s weakness amplified the selling momentum. The leading cryptocurrency momentarily dipped under $62,000 during this same window, dampening enthusiasm across the wider digital asset ecosystem. Persistent elevated interest rates combined with investment capital shifting toward artificial intelligence and semiconductor equities have constrained speculative inflows into cryptocurrencies throughout Q2.

Prominent crypto analyst Altcoin Sherpa shared observations on X, noting that XRP’s chart structure appears unfavorable across multiple timeframes and suggesting the token might drift lower toward $0.75. Such pessimistic commentary from an influential market voice underscores prevailing negative sentiment.

Descending Wedge Pattern Suggests Possible Bounce

The 4-hour timeframe reveals XRP developing a descending wedge configuration since reaching its June 16 peak. This technical structure displays two downward-sloping converging trendlines and frequently precedes upward reversals when selling exhaustion sets in.

The token has approached the wedge’s lower edge near $1.08, which coincides with a Fibonacci support area. An upward breach of the upper boundary could activate resistance targets at $1.13, $1.16, and $1.19.

Technical oscillators present conflicting signals. The 4-hour MACD continues trading beneath the zero threshold, indicating bears maintain near-term dominance. Nevertheless, the histogram bars have begun compressing, hinting that downside force may be diminishing. Chaikin Money Flow registers approximately -0.13, reflecting ongoing capital withdrawal from the asset.

On the daily timeframe, XRP trades beneath Supertrend resistance positioned near $1.24 and under a pattern of declining peaks established since mid-May. The daily RSI hovers around 36, nearing oversold conditions without quite reaching that threshold.

Exchange Inventory Expands as Scarcity Metric Falls to Multi-Month Low

A CryptoQuant report released June 22 demonstrates the XRP Binance Scarcity Index declining to roughly 0.34, marking its weakest reading in over three months. This metric calculates accessible XRP inventory on Binance relative to trading activity.

Throughout April and May, this index maintained levels near 0.80, indicating constrained availability. The descent to 0.34 reveals substantially more XRP sitting on the exchange, which can suppress price appreciation unless buying interest intensifies.

CoinGlass analytics highlight a substantial liquidation zone spanning $1.13 to $1.15. Should buyers defend current support successfully, that price range could generate upward activity and trigger forced short closures. Over the preceding 24-hour period, XRP derivatives experienced $13.53 million in liquidations, with bullish bets comprising $13.01 million or 96% of the aggregate. Binance recorded the highest liquidation volume at $7.59 million, with Bybit following at $2.57 million.

A decisive move beneath $1.08 would shift attention toward $1.05 and subsequently $1.00 as the next meaningful support thresholds.

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