XRP Falls 5.8% to $1.24 as Crypto Selloff Deepens, June 03

XRP fell 5.8% to $1.24 on June 03 as the broader crypto market collapsed. Bitcoin dropped below $70,000 after MicroStrategy sold Bitcoin for the first time in four years, triggering $744 million in liquidations across crypto. XRP is now down 12.4% over one month. For investors, this matters because technical support levels are breaking and oversold signals suggest more pain ahead before any recovery.

Why the Crypto Crash Hit XRP Hard

XRP fell 6.4% to $1.21 on June 02 as Bitcoin collapsed below $70,000, dragging altcoins lower. MicroStrategy’s sale of Bitcoin for the first time since 2022 spooked the market, while geopolitical tensions in the Middle East added selling pressure. The broader crypto market dropped 4.66% in total value, with XRP losing another support level as technical selling overwhelmed longer-term buying.

Liquidations accelerated the decline. Over $744 million in leveraged crypto positions were forced to close within 24 hours as prices fell. XRP, which trades with high sensitivity to Bitcoin moves, fell harder than the broader market as risk-off sentiment took over.

Technical Breakdown Signals More Weakness Ahead

XRP broke decisively below the $1.30 support level on high volume of 96.26 million tokens on June 01. That breakdown shifted the technical structure from neutral to bearish. The 14-day Relative Strength Index (RSI) fell to 27.55, indicating deeply oversold conditions, yet the price continued lower.

The next critical support sits at $1.20 to $1.22, which aligns with XRP’s yearly low from February. If that level breaks, analysts see the next target at $1.13 to $1.15. Meyka’s technical indicators show an RSI of 30.91 and a Commodity Channel Index (CCI) at -170.48, both signaling extreme oversold conditions that historically precede bounces.

Bullish Signals Ignored as Sellers Dominate

Despite bullish fundamentals, XRP price remains under pressure. More than 25 million XRP left exchanges in recent days, reducing available supply for sale. Ripple released 1 billion XRP from escrow, bringing locked balances to 38.15 billion tokens. XRP Ledger daily transactions rose 35% in Q1 to 2.48 million, and institutional ETF inflows continued at $1.42 billion into spot crypto products.

Yet none of this supported the price. Analysts note that late-stage downtrends often ignore fundamental strength as traders focus solely on price action. The liquidation cascade from Bitcoin’s break below $70,000 overwhelmed any positive catalysts for XRP.

What This Means for XRP Investors

Meyka rates XRP a C+ with a 12-month price target of $3.12, suggesting 150% upside from current levels. However, the near-term technical picture remains bearish. The stock grade reflects mixed fundamentals: strong network growth and institutional adoption offset by price weakness and oversold technicals. With XRP trading 66% below its year high of $3.67, the risk-reward for short-term traders tilts negative until support holds above $1.20.

Final Thoughts

XRP fell 5.8% to $1.24 as Bitcoin’s break below $70,000 triggered a crypto-wide selloff. Meyka’s C+ rating and $3.12 yearly target suggest long-term upside, but near-term support at $1.20 must hold to prevent further declines.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.