XRP price has confirmed a highly bearish pattern on the daily chart, as risk-averse sentiment continues to weigh over the broader crypto market. Summary XRP price dropped 7% to an intraday low of $2.27 on Friday. Bearish sentiment prevailing across the broader market has weighed down XRP investors. Multiple bearish patterns have formed on the daily chart. According to data from crypto.news XRP (XRP) dropped 7% over the past 24 hours to an intraday low of $2.27 before recovering slightly to $2.32 at press time. At its current price, the altocin remains 36% below its all-time high of $3.65 reached in mid-July. XRP price dipped as part of a broader crypto market downturn triggered by Bitcoin’s drop below $97,000, a level it had not touched since May this year. Investor demand for XRP has also taken a hit due to a jump in U.S. Treasury yields, which gained further momentum after the government ended one of the longest shutdowns in the nation’s history. When yields on government bonds rise, investors tend to rotate capital into them and away from riskier assets such as cryptocurrencies, including Ripple’s XRP. Derivative traders also appear to have contributed to XRP’s losses today. CoinGlass data shows that open interest in the futures market has dropped to $3.63 billion, far below the $8.36 billion level seen on Oct. 10. A decline in open interest is often viewed as a sign that traders are closing positions and stepping back from the market, which can signal weakening conviction in the current trend. Adding to this, the long/short ratio below 1 at 0.88 suggests that more traders are betting on further downside for the token in the days ahead. Such a bearish tilt may have further influenced sentiment among spot market participants. XRP price analysis Examining the daily chart for XRP reveals that its price action seems to have confirmed a death cross, which forms when the 50-day simple moving average crosses below the 200-day one. XRP price has confirmed a death cross on the daily chart — Nov. 14 | Source: crypto.news In technical analysis, death crosses have historically been followed by extended periods of weakness as market momentum shifts in favor of sellers. Adding another layer of pressure, XRP has also been trading inside a descending parallel channel pattern since mid-July this year. When price action is confined within this channel, it often signals that the broader trend remains fixated towards the downside and that rallies are likely to be met with selling at the upper boundary. A combination of both the death cross and the descending channel suggests that XRP may continue to struggle in the short term unless buyers step in with strong volume. For now, the $2 region, which also aligns with the 50% Fibonacci retracement level, appears to be a strong support area for XRP and is where buyers may attempt to stabilize the price. If this floor gives way, the token could slide toward its June low at $1.9, which sits nearly 18% below the current price. On the contrary, a bullish case could begin to take shape if Canary Capital’s spot XRP ETF, which launched just a day ago, attracts strong and steady inflows. As a report by crypto.news revealed, the fund generated $58 million in trading volume on its first day of trading. If this trend continues, XRP could attempt a move toward the $2.58-$2.65 resistance zone. A decisive break above that region may help it escape the descending channel pattern and could mark the beginning of a more sustained recovery.
