XRP (CRYPTO: XRP) has extended its recent decline, slipping to $1.3080, its lowest level since September 18. The token is now roughly 20% below its September highs, and the retreat could deepen as a bearish technical pattern emerges alongside climbing ETF outflows.
The broader crypto market has also cooled, with the total market capitalization dropping from nearly $3 trillion in September to $2.7 trillion today. XRP's 24-hour trading volume fell to $1.4 billion, down from over $1.7 billion a week earlier. Spot XRP ETFs recorded outflows of more than $2.47 million on Friday, marking the first weekly outflow since July. Bitwise’s XRP fund holds $541 million in assets, while Franklin’s XRPZ holds $390 million.
Futures open interest for XRP has also declined, reaching $2.8 billion, its lowest level since September 17. This follows a peak of $3.78 billion last month, indicating fading demand from leveraged traders. Rising macro risks, including soaring crude oil prices and increasing US bond yields, have added to the market's challenges.
Technically, XRP's price has dropped sharply from a high of $1.6465 to $1.3082. The token is attempting to move below the neckline of $1.2470, its lowest level on September 15. A death cross pattern may form if the 50-day and 200-day moving averages cross, with the Relative Strength Index (RSI) and the MACD continuing to fall. Sellers may target the psychological level of $1.00, while a move above $1.3840 could invalidate the bearish outlook.