XRP fell to a fresh four-month low near $1.18 on June 4, down more than 5% in 24 hours, as on-chain data revealed large holders offloaded 60 million tokens during the first week of June. The sell-off, tracked by analyst Ali Martinez using Santiment data, coincided with a broader crypto market downturn that saw Bitcoin slip toward $61,000 and Ethereum hit multi-month lows.
Spot XRP ETFs, which had attracted $131.94 million in net inflows during May—outpacing Bitcoin and Ethereum products—suffered a reversal on June 3. U.S. spot XRP ETFs recorded $5.34 million in net outflows, with Bitwise's XRP ETF accounting for roughly $4.06 million and Grayscale's XRP Trust ETF seeing about $699,400 in withdrawals, according to SoSoValue data.
Technical analyst ChartNerd highlighted a two-week 20/50 EMA death cross as a strong bearish signal. "Above the EMA's = uptrend. Beneath the EMA's = downtrend," he noted, flagging $1.32 as a critical weekly close level and warning that a break below the Upper Regression Band near $1.35 could open the path to the Middle Regression Band near $0.84.
Adding to the selling pressure, whale withdrawal volumes from Binance dropped to roughly 978 million XRP over 30 days, the lowest since 2021, signaling weaker accumulation by large holders. With ETF demand cooling and technicals favoring sellers, traders are closely watching support at $1.14 and $1.10, while a weekly close below $1.10 could accelerate declines toward $0.84.
