XRP Flashes Bearish Signals Trouble Ahead or Buying Opportunity?
$XRP is under pressure as technical and on-chain signals raise red flags:
Price Action: XRP is stuck around $2.93, barely moving for days. Trading volume has dropped 17%, indicating fading interest and momentum. This sideways grind with declining volume usually precedes a sharp move and right now, the pattern points down.
Bearish Pattern Forming: Analysts are spotting an Inverted Cup & Handle on the daily chart often a sign of further decline. If $2.95 support fails, price could slide toward $2.60, with other key levels at $2.55 and $2.40.
Leverage Markets Shorts dominate. CoinGlass data reveals over $113M in short positions, vs. $62M in longs a nearly 2:1 bearish bias.
$88M Pulled Off Exchanges: On the brighter side, XRP has seen $88 million in exchange outflows, suggesting some whales may be accumulating. Is this strategic positioning or just hopeful dip-buying?
Supertrend Still Bullish The one saving grace? The Supertrend indicator is still green, clinging just under current price levels.
Verdict: Caution is warranted. XRP’s price structure, volume profile, and sentiment suggest more downside could be coming… unless bulls defend $2.95 with conviction.
What's your take? Bearish breakdown or whale-backed bounce incoming?
This is not financial advice, DYOR
