XRP hodlers are in trouble.

For a long time XRP has been on a steady decline and the token is on its way to drop out of the top 10 very soon. For the longest time XRP used to be a top 3 token, but ever since SEC attack against Ripple (the company behind the XRP token) its value has been depreciating.

Earlier this year Ripple announced plans to launch a new token to compete with Tether and other stablecoins, which was supposed to bring some attention and new utility to XRP but as I wrote back then, this move will most likely shift attention away from XRP rather than aid it.

Now I see more worrying signs for XRP price as demand dries up.

XRP is forming a bear flag pattern, which is a bearish continuation pattern. If XRP decisively breaks below the lower trendline of the flag, it risks falling around 55% to $0.24 by May or June.

XRP Whales Dumping

There has been a substantial inflow of XRP worth hundreds of millions of dollars into exchanges like Bitstamp, including Ripple transferring $24.75 million XRP to an unknown wallet. This aligns with a decrease in XRP holdings by whales (100M-1B XRP) and an increase in holdings by entities with over 1B XRP, suggesting whales are selling or redistributing.

Death Cross and Head-and-Shoulders Breakdown

XRP is showing a potential “death cross” pattern on the chart, where the 50-day EMA is set to cross below the 200-day EMA – a bearish signal. It is also forming a head-and-shoulders pattern, which upon neckline breakdown projects a 30% decline to around $0.34.

No Spot XRP ETF in Sight

Analysts are not optimistic about a spot XRP exchange-traded fund (ETF) happening anytime soon due to the ongoing Ripple lawsuit with the SEC and lack of XRP futures ETF in the U.S., which could dampen demand for XRP versus Bitcoin and Ethereum.

With this said, multiple technical, fundamental and on-chain indicators are flashing warning signs of a potential significant decline for the XRP price in the coming months as demand dries up. For disclosure, I do not hold any XRP in this cycle, I exited all my positions long ago and have not jumped back into it in a long while. My advice is to keep away from this token as it’s been underperforming against Bitcoin and pretty much every other token including fiat, which makes it one of the worst investments in the last 5 years.

☝These are my opinions, not financial advice, always DYOR.

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The information contained in this video is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this post reflects solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.

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