In the past two months, XRP prices have soared by more than 300%, trading at $2.10 on December 27. However, some recent technical indicators and on-chain data suggest that XRP may face a short-term correction, with an expected drop of up to 25%.

Descending triangle breakout signal

XRP's current price action shows a descending triangle pattern, which is a typical bearish pattern that usually indicates that prices may continue to fall. A descending triangle is usually composed of a series of lower highs and a horizontal support line (currently around $2.10). If the XRP price falls below this support level, it may trigger a deeper correction. According to technical analysis, after breaking the $2.10 support, XRP may fall further to $1.64, which is equivalent to a drop of about 25%.

Whale selling and supply pressure

On-chain data shows that XRP whale selling activity has also put downward pressure on the market. Investors holding more than 1 million XRP have lost about 180 million XRP since early December. At the same time, the supply of addresses holding at least 100,000 XRP has also decreased by 170 million. Continued selling by whales may further increase downward price pressure, especially when demand fails to keep up with increased supply.

Binance XRP reserves increase

In addition, the XRP reserves of Binance, one of the world's largest cryptocurrency exchanges, have been steadily increasing since mid-December, which is usually a precursor to a price correction. The increase in XRP reserves may mean that more holders choose to take profits at local highs, which strengthens the bearish sentiment in the market.

XRP price faces downside risks

Combining the descending triangle pattern of technical analysis, the selling behavior of whales, and the increase in exchange reserves, XRP's current price faces a downside risk of about 25%. If these trends fail to reverse, XRP may experience a correction in early 2025, falling to around $1.64. Investors need to be cautious and pay close attention to market movements to assess further risks.
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