XRP, the native token of the Ripple network, suffered a sharp sell-off on June 2, 2026, plunging to a four-month low near $1.20. The drop coincided with the 14th anniversary of XRP's creation, adding a symbolic sting to the market's downturn. The asset briefly touched $1.1924 before consolidating losses, marking its weakest level since a flash crash to $1.10 in early February. Before the 2024 U.S. presidential elections, XRP had not traded below $1.30.
The sell-off was part of a broader market rout, but XRP's decline was particularly pronounced after repeated failures to break resistance between $1.50 and $1.60. A mid-May rally to $1.55 was swiftly rejected, setting the stage for the latest leg down. Over $30 million in leveraged long positions were liquidated, and XRP's market capitalization tumbled below $75 billion, allowing USDC to overtake it as the fifth-largest cryptocurrency by market cap.
Technical indicators paint a bearish picture. On the hourly chart, XRP/USD remains below the 100-hour simple moving average and faces a descending trend line with resistance at $1.2850. A breakdown from a symmetrical triangle pattern has led analyst Ali Martinez to forecast a further slide toward the $1.14 support zone. Immediate resistance sits at $1.2350 and $1.2580, while a close below $1.20 could accelerate losses toward $1.1920 and $1.1840.
