The cryptocurrency market is grappling with intense downward pressure as major assets move into deep “Extreme Fear” territory. As of June 24, 2026, the Fear & Greed Index has plummeted to 17, down from 23 the previous day, reflecting a broader sell-off that has left Bitcoin (BTC), Ethereum (ETH), and XRP trading in the red.
This wave of volatility triggered over $600 million in liquidations within hours, with Bitcoin losing $336.47 million and Ethereum trailing with $188.82 million in wiped-out long positions.
XRP technical pressure persists amid regulatory milestones
Despite the current carnage, XRP maintains a tenuous hope for recovery as it tests critical support zones near $1.08 and $1.05. The asset is currently trading between $1.05 and $1.1070 after a 9% decline this week. This price action follows a sharp rejection from the $1.29 peak reached on June 16.
While technical indicators like the Relative Strength Index (RSI) hover between 35 and 37—signifying weak demand—the defense of the $1.00 level remains the primary focus for market participants looking for a potential local bottom.
XRP continues to face significant hurdles on the daily charts, consistently trading below its 50-day, 100-day, and 200-day exponential moving averages (EMA). The $1.28 zone, which served as a crucial support earlier this month, has now transitioned into a major resistance area.
To see a meaningful trend reversal, XRP speculative activity returns would likely need to push the price above the 50-day EMA at $1.2421. Analysts identify the $1.22 to $1.30 range as a “make-or-break” moment that could pave the way toward $1.65.
Key details
The fundamental landscape offers a different story from the bearish price charts. On June 23, 2026, Ripple secured a preliminary Crypto Asset Service Provider (CASP) license in Luxembourg. This provides the company with passporting rights across the European Economic Area, potentially expanding its institutional footprint.
Additionally, whale activity has been reported, with large-scale investors opening leveraged long positions in both Bitcoin and XRP, hinting at a bet on a pending bullish reversal despite the negative momentum.
In the derivatives market, the cooling of sentiment is visible. Perpetual futures Open Interest (OI) for XRP fell to $2.58 billion on Wednesday, June 24, from $2.69 billion the day prior. This is a staggering drop from the record $10.94 billion high recorded in July 2025, which coincided with the asset’s peak of $3.66.
With the Chaikin Money Flow remaining negative at -0.13, capital continues to flow out of the asset in the immediate term.
Bitcoin defends psychologically critical $60,000 range
Bitcoin is currently testing investor patience, holding near the $61,000 mark after failing to clear short-term resistance levels. The premier digital asset has consistently protected the $60,000 to $61,000 range through the most recent capitulation event.
While crypto market liquidations rise across the sector, Bitcoin’s volume behavior suggests that supply may be drying up as trading activity returns to normal levels following the forced liquidations earlier this month.
The “make-or-break” zone for Bitcoin remains the $65,000 to $66,000 range. A successful breakout above this immediate resistance could force short sellers to cover their positions, likely driving the price toward the more formidable liquidity wall between $70,000 and $72,000.
For now, the RSI has stabilized in neutral territory, indicating that the downward momentum has paused, though the asset remains stuck below its declining 50-day and 100-day trends.
Ethereum navigates intense sell-side pressure and liquidations
Ethereum is showing no signs of stabilization yet, as it trades in the red alongside the broader market. The asset was hit particularly hard during the recent liquidation wave, losing $188.82 million in long positions. This has contributed to a weakened technical outlook as Ethereum price outlook weakens during this period of market-wide “Extreme Fear.”
Unlike previous cycles where ETH acted as a buffer for altcoins, the current trend shows it is tightly correlated with Bitcoin’s downside. Without specific price support levels holding firm, the market remains reactive to broader macro conditions.
Traders are keeping a close eye on whether Ethereum can decouple from the negative sentiment surrounding the $600 million liquidation event to establish a new base for the second half of 2026.
Forward-looking catalysts and long-term price projections
The future for XRP and the wider market is increasingly tied to infrastructure development and institutional integration. Analysts project that if mainstream financial institutions integrate XRP for liquidity provisioning, the asset could see a surge toward $5.81 by 2025. Other algorithmic models, such as those from Changelly, suggest a more conservative year-end average for 2026 of roughly $1.46.
For the long term, some structural bull cases for 2030 suggest targets as high as $9.50 or even $18.00, driven by the growth of the liquidity network and automated market-making tools. However, for these targets to become realistic, the market must first navigate the current “Extreme Fear” phase.
Historically, when fear reaches these levels, it has often signaled a local bottom, provided that whale investors continue to defend the current support levels for Bitcoin and XRP.