{"id":17212,"date":"2025-03-11T13:46:47","date_gmt":"2025-03-11T13:46:47","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=17212"},"modified":"2025-03-11T13:46:47","modified_gmt":"2025-03-11T13:46:47","slug":"3-reasons-xrp-might-drop-to-1-60-in-march","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=17212","title":{"rendered":"3 reasons XRP might drop to $1.60 in March"},"content":{"rendered":"
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The XRP (XRP<\/a>) daily chart registered its lowest candle close in 99 days on March 10. The altcoin dropped below the $2 support level but registered a short-term recovery of 12% on March 11. <\/p>\n

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XRP 1-hour chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n<\/p>\n

On the high time frame (HTF) charts, XRP must hold above its psychological level at $2, but other metrics suggest that a deeper drawdown is possible. <\/p>\n

XRP markets lacks buyers as futures flip bearish<\/h2>\n

XRP price is currently down 37.1% from its all-time high of $3.40. When prices dipped by a similar percentage on Feb. 3, spot market bids quickly absorbed the selling pressure, pushing XRP above $2.50. <\/p>\n

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XRP\u2019s spot and perpetual aggregated data. Source: aggr.trade<\/em><\/p>\n<\/figcaption><\/figure>\n

However, XRP\u2018s spot and perpetual markets were relatively bearish over the past week. Data from aggr.trade<\/a> indicates that XRP\u2019s spot cumulative volume delta (CVD) has dropped by 50% in March. <\/p>\n

A negative CVD means that there is more selling volume than buying. The current CVD value is -$408 million, which signals waning demand, with sellers taking control.<\/p>\n

Likewise, futures traders are also turning bearish, with perpetual CVD dropping to -1.18 billion on March 11. XRP\u2019s open interest-weighted funding rate<\/a> has also turned significantly negative, which indicates more short positions were added over the past few days. <\/p>\n

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XRP funding rate chart. Source: Coinglass<\/em><\/p>\n<\/figcaption><\/figure>\n

XRP whales continue selling spree<\/h2>\n

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Last week, XRP\u2019s volume bubble map showed a surge in activity toward the end of February. Ki-Young Ju, CryptoQuant founder, observed<\/a> that this uptick aligned with an ongoing distribution phase for XRP. <\/p>\n

Distribution refers to a period in the market cycle when large investors slowly offload their positions to secure gains, usually happening close to the peak of an upward trend.<\/p>\n

Related: Why is the XRP price down today?<\/strong><\/em><\/a><\/p>\n

Current data reveals<\/a> that the distribution phase has intensified over the past seven days. Specifically, whale outflows, measured as a 30-day moving average\u2014have steadily risen. <\/p>\n

This increase suggests that large holders continued to offload their XRP positions, further driving the distribution trend.<\/p>\n

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\"Ripple,
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XRP total whale flows. Source: CryptoQuant<\/em><\/p>\n<\/figcaption><\/figure>\n

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Between March 4 and March 10, these large XRP holders offloaded<\/a> roughly $838 million in positions. This significant sell-off reflects the ongoing bearish trend for XRP.<\/p>\n

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XRP price H&S pattern hints at $1.60 retest<\/h2>\n

On March 11, XRP\u2019s 1-day chart closed below $2.05, which is the critical neckline of the daily head-and-shoulders pattern. This pattern has potentially strong bearish consequences when observed on a high time frame (HTF) chart. <\/p>\n

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XRP 1-day chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

Lower price are likely if XRP fails to reclaim $2.05 as support, as illustrated in the chart above. <\/p>\n

The immediate target zone for XRP price remains between 0.5 and 0.618 Fibonacci retracement lines. Also known as the \u201cgolden zone,\u201d the retest range lies between $1.90 and $1.60. The likelihood of retesting the 0.618 Fibonacci or $1.60 is high in the current bearish environment.<\/p>\n

Failure to hold this range could lead to a retest of the long-term demand zone between $1.58 and $1.27.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n