XRP price drops 4% to ten-day low amid increasing futures open interest
XRP price has extended its decline for a third consecutive day, dropping over 4% in today’s Asian session to a 10-day low near the $2.24 support level.
The weekly cumulative loss now stands at 8%, eroding its monthly gains to just 4.5%. With the daily RSI shifting into bearish territory, selling pressure remains dominant, bringing the price within reach of a 15-day low at $2.22.
Despite the ongoing price weakness, traders show renewed interest in XRP futures. On-chain data from Glassnode reveals that total capital allocated to XRP futures contracts has surged 36% in the past two weeks. The rise in open interest suggests that market participants are positioning for a potential upside, even as near-term price action remains bearish. This increase in futures activity could indicate that some traders anticipate a price reversal, despite current downside risks.
XRP price outlook under pressure as price action signals potential breakdown
XRP price dynamics (March 2025). Source: TradingView
The $2.24 support level is now the critical area to watch. A breakdown below this level could trigger a deeper decline towards the $2.00 psychological level. However, a rebound from support remains a possibility, potentially providing bulls with an opportunity to regain control. Holding this level is crucial for XRP to stabilize and attempt a recovery in the coming sessions.
The coming sessions will be pivotal in determining XRP’s next move, with traders closely monitoring whether support holds or a deeper decline takes shape. For XRP to regain bullish momentum, it must hold above the current support zone and attract buying interest to counter the ongoing decline. However, if selling pressure persists, a retest of the $2.00 level could come into play, further defining the next major move for XRP.
XRP faced selling pressure after failing to break above the $2.50 psychological level. The rejection led to a 5% drop, pushing the price below key moving averages.
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