XRP Sees Significant Downside Pressure Amid Bearish Price Structure

XRP has been experiencing significant downside pressure this year, having dropped by 45% from its starting price. Market analyst CryptoinsightUK recently reviewed XRP's recent price action and identified several factors contributing to the decline.

CryptoinsightUK noted that liquidity and leverage zones are near-term risks for XRP, with a liquidation zone forming around $0.89, where long positions worth about $157 million could be liquidated. Additionally, he presented a wider downside range of 15% to 22-23% on a daily basis.

The analyst also pointed out that XRP's price structure is bearish, with progressively lower highs and lows. The first key level is around $0.93, which previously acted as resistance. CryptoinsightUK also mentioned potential weakness versus Ethereum and Bitcoin, predicting that XRP could fall by 13% to the first major support level against Ethereum and 26% against Bitcoin.

However, the analyst remains bullish on XRP's long-term prospects, citing rising open interest, overhead liquidity, and technical indicators as grounds for a rebound. He also mentioned that if XRP rises to $1.48, leveraged short positions worth about $727 million could be liquidated.