XRP Price Prediction for June 1

Cryptocurrency Market Sees Bearish Sentiment at Start of June

According to the latest report from CoinStats, the cryptocurrency market has taken a bearish turn in the opening days of June. The report highlights the recent performance of XRP, the native token of the Ripple network, which has seen a 1% decline over the past 24 hours.

On the hourly chart, the price of XRP has shown signs of recovery, with the token finding support at $2.1231. If the buying pressure continues, analysts suggest that the price may move upward to test the resistance level by tomorrow.

However, on a broader timescale, the market appears to be in a state of equilibrium, with neither buyers nor sellers exerting a dominant influence. The report notes that the daily average true range (ATR) has been largely exhausted, indicating that any significant price movements are unlikely to occur in the near future.

From a medium-term perspective, the report does not identify any clear reversal signals, suggesting that the current market conditions may persist in the coming days. If the weekly trading session closes around the current prices, there is a possibility that XRP could test the $2 support level in the near future.

At the time of writing, XRP is trading at $2.1518 on the market.