Over the past two months, XRP's price surged by 300%, reaching $2.10. However, warning signs suggest it could potentially decline by 25% in the near term.
XRP Nears Descending Triangle Breakdown
XRP's recent losses are connected with trading within a descending triangle, a bearish pattern that signals further declines. A breakdown below the $2.10 support could lead to a deeper correction.
XRP Whales Sell the Rips
On-chain data indicates that large XRP holders are adopting a bearish stance, reducing their holdings by 180 million tokens since the start of December.
XRP Supply on Binance is Rising
XRP reserves on the biggest cryptocurrency exchange Binance have been steadily increasing since mid-December, which is typically a bearish signal that often precedes price corrections.
If the current trend continues, XRP prices could face further downside risks of 25% due to rising exchange supplies and ongoing large-scale selling.
