XRP faces a crucial test at $0.45: Is a crash to all-time low likely?

• XRP plummeted by 13%, hitting a critical support level.
• Spikes in whale transactions and social volume indicate a likely bullish reversal.

Ripple [XRP]  is wrestling with a critical support level after a 13% drop since the 25th of May. The rejection has left investors in a dilemma, wondering if XRP will plunge to its all time low or if a bullish surge is on the horizon after a likely price reversal.

As of this writing, XRP was consolidating in a bullish pennant, with an impending breakout point in nearing. The price is currently fluctuating around the support level at $0.45.

If the price closes below this level, a further price fall to the all time low may be witnessed.  However, if XRP holds this support and builds enough bullish momentum, a price reversal towards the $0.53 resistance level is within reach.

The stochastic RSI (23.27) is in an oversold zone, indicating an impending bullish reversal.

Source: Tradingview

Whales show mixed signals

AMBCrypto analysis of santiment’s recent whale transaction data indicated a gradual increase.  This suggests that major investors may have pumped the market up recently by taking long positions.

Source: Santiment

AMBCrypto further analyzed santiment’s social volume and NVT ratio data.  Social volume data has gradually increased since the 9th of June.

The NVT ratio has also increased; hence, XRP’s market capitalization is greater than its transaction volume. If this trend continues, XRP will accumulate buying interest, which could spark a price reversal.

Source: Santiment

Realistic or not, here’s XRP’s market cap in BTC terms

Will XRP drop to its all time low, or is a bullish surge nearing?

With an increased whale transaction, stochastic RSI and NVT ratio indicating accumulating bullish momentum, a likely reversal  is on the horizon.

However, if the support level is broken down, the XRP price may plummet to its all time low.