Recent technical data suggest a potential price drop for XRP. Declining trading interest may indicate a continuation of the downtrend.
Open Interest Decline and Its Implications
XRP witnessed a price drop alongside the broader crypto market as news emerged that US President Donald Trump confirmed tariffs on imports from Canada and Mexico remain in place. Statistics show a 20% drop in XRP open interest over the last few days.
Recent Changes in XRP's Funding Rates
XRP's average funding rate shifted from positive to negative, indicating rising bearish pressure. A significant number of long positions have been liquidated in the last few hours, further accelerating the price decline.
Chart Analysis and Potential XRP Predictions
An asymmetrical triangle on XRP's daily chart was broken downward, potentially driving the price to $1.50. Analysts' forecasts also suggest a possible decline if the $2.00 mark is breached.
The current situation around XRP shows significant bearish market indicators. Traders and analysts should consider the ongoing technical data in forecasting further market moves.
