XRP Hits Four-Month Low Amid Whale Selling and ETF Outflows

XRP's price has plummeted to a four-month low of $1.18, according to recent data. This significant drop can be attributed to two primary factors: large holder selling and ETF outflows.

The selling pressure from whales, who sold or redistributed 60 million XRP in the past week alone, has been a major contributor to the downward momentum. Furthermore, XRP ETFs, which had seen substantial inflows in May, have recently recorded net outflows. This indicates weakening demand for the cryptocurrency.

Analysts are closely monitoring support levels at $1.14, $1.10, and $0.84, as technical indicators point to continued short-term weakness unless XRP rebounds above $1.24. The current market situation is a reflection of the broader crypto market's decline, with many cryptocurrencies experiencing significant price drops.