XRP News Today: Crypto Market Plummets 2.46% as Bitcoin Drops to $104,060.721

Bitcoin's June market trends have historically shown an equal split between gains and losses since 2013, with the cryptocurrency experiencing growth in six out of the twelve June periods analyzed. This pattern underscores the volatility and unpredictability of the digital asset market, where external factors often play a significant role in price movements.

On May 30, 2025, the cryptocurrency market faced a significant downturn, with major digital assets experiencing substantial price declines. Bitcoin, the world's largest cryptocurrency by market cap, saw a sharp 2.46% decline, falling from recent highs to trade at $104,060.721. This decline represented a significant retreat from Bitcoin's recent all-time high of $111,814, achieved just the previous week. Technical analysis revealed that Bitcoin was facing strong resistance around the $106,000 level, with the next critical support zone positioned at $105,000. Over $211 million in long Bitcoin positions were liquidated during this selloff, highlighting the intensity of the bearish pressure. The Fear and Greed Index dropped from 65 to 61, indicating a shift from extreme greed toward more neutral sentiment among traders.

Ethereum, the second-largest cryptocurrency, suffered even more severe losses, declining 3.41% to trade at $2,553.101. Despite recent bullish crossovers between major exponential moving averages and significant whale accumulation of 190,000 ETH, Ethereum faced rejection at major resistance levels. Technical indicators suggested potential further downside in the near term, with the next major support zone lying at $2,400 if current support levels around $2,550 were not maintained.

XRP, another major cryptocurrency, experienced a notable 4.67% decline, falling to $2.16. Despite positive news regarding VivoPower's $121 million XRP treasury reserve and Webus International's plans for a $300 million XRP strategic reserve, XRP could not escape the broader market selloff. The decline occurred during high-volume trading, with midnight volume surging to 174.7 million units—nearly quadruple the average 24-hour trading volume. Technical analysis warned that if XRP failed to maintain support at $2.31, it could face an additional 16% decline toward $1.96.

Dogecoin, the popular meme cryptocurrency, bore the brunt of the market correction, plummeting 9.89% to trade at $0.19761. The dramatic selloff occurred with exceptional trading volume of 1.18 billion DOGE, indicating widespread panic selling among retail investors. Technical analysis suggested that Dogecoin was currently testing multiple support levels, with key resistance established at $0.217. Despite the sharp decline, some analysts pointed to potential double-bottom pattern formation, which could signal a reversal if Dogecoin could gather sufficient momentum to break past resistance levels.

Several interconnected factors contributed to the market downturn. Stalled US-China trade talks emerged as the primary catalyst, with Treasury Secretary Scott Bessent confirming that negotiations had stalled. This geopolitical uncertainty triggered risk-off behavior across global markets, impacting cryptocurrency prices due to their correlation with risk assets. Massive liquidations amplified the selling pressure, with over $683.4 million in crypto futures liquidated within 24 hours. Long positions accounted for $617.85 million of these liquidations, demonstrating the extent of overleveraged bullish positions in the market. A technical breakdown occurred as the total crypto market cap broke below the critical $3.35 trillion support level, triggering algorithmic selling and stop-loss orders. Additionally, ETF outflows contributed to Bitcoin's weakness, with spot Bitcoin ETFs recording $385.65 million in net outflows on May 29, ending a 10-day streak of inflows.

Looking ahead, crypto price predictions remain cautiously optimistic despite the recent selloff. Historical patterns suggest that such corrections often precede significant rallies, particularly when driven by external factors rather than fundamental cryptocurrency issues. Bitcoin price could find support around current levels, with analysts maintaining targets between $220,000 and $330,000 for the longer term. However, immediate resistance at $106,000 must be overcome before any sustained recovery can begin. Ethereum price predictions remain bullish for the medium term, with expectations of a range between $2,700 and $2,900 in June 2025. The recent technical improvements and whale accumulation provide fundamental support for higher prices once market conditions stabilize. For XRP and Dogecoin, recovery will largely depend on broader market sentiment and the resolution of current macroeconomic uncertainties. Both cryptocurrencies have shown resilience in previous market corrections and could benefit from any improvement in risk appetite.