Amid ongoing market uncertainty, XRP, the native token of Ripple Labs, is poised for a notable price decline following the formation of bearish price action. Besides XRP, the overall cryptocurrency market seems to be struggling to gain momentum and is facing a significant price decline.
At press time, XRP is trading near $2.153 and has experienced a price decline of over 6.8% in the past 24 hours. During the same period, its trading volume jumped by 7%, reflecting heightened participation from traders and investors and suggesting concerns about a potential price decline.
However, the potential reason behind XRP’s price decline is the upcoming unlock of 1 billion tokens, as reported by CoinPedia, along with the current market sentiment.
Additionally, traders appear hesitant to build new positions, potentially due to significant volatility in the market. According to Coinglass data, XRP’s open interest has dropped by 31%, hinting at the liquidation of traders’ positions in the past 24 hours.
This price decline has liquidated $6.84 million worth of XRP long positions out of a total of $7.68 million in overall liquidations, as revealed by the on-chain analytics firm Coinglass.
Amid this bearish outlook, XRP has failed to hold its crucial support level of $2.20. Since the beginning of December 2024, the price has reached this level four times, each time witnessing upside momentum. However, XRP has now failed to maintain this level and appears to be falling toward the next support area.
However, XRP still has a chance to mitigate the price decline. Based on recent price action and historical momentum, if the altcoin closes a daily candle below the $2.15 level, there is a strong possibility it could drop by 14%, reaching the $1.88 mark in the near future.
XRP’s bearish thesis will hold only if it closes a daily candle below the $2.15 mark, otherwise, it may be invalidated.
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