3 reasons XRP might drop to $1.60 in March
Declining spot and perp CVD, whale selling, and a long-term bearish trend point to a further decrease in XRP, which could bottom near the $1.60 area. On March 10, the XRP $2.15 daily chart closed with its lowest candle in 99 days. The altcoin fell below the $2 support level, then recovered by 12% on March 11. On the long-term charts, XRP must remain above its psychological level of $2, but other measures indicate that a larger fall is conceivable.
XRP markets lack buyers as futures flip bearish
The XRP price is currently down 37.1% from its all-time high of $3.40. When prices fell by a comparable percentage on February 3, spot market bids soon absorbed the selling pressure, bringing XRP above $2.50.
The XRP price is currently down 37.1% from its all-time high of $3.40. When prices fell by a comparable percentage on February 3, spot market bids soon absorbed the selling pressure, bringing XRP above $2.50.
Similarly, futures traders are growing gloomy, with perpetual CVD down to -1.18 billion on March 11. XRP’s open interest-weighted funding rate has also turned notably negative, indicating that more short positions were added in the last several days.
XRP whales continue their selling spree
XRP’s volume bubble map revealed a rise in activity at the end of February.
Distribution refers to a period in the market cycle when significant investors gradually unload their positions to secure gains, which typically occurs at the apex of an upward trend.
According to current data, the distribution phase has intensified in the last seven days. Whale discharges, assessed as a 30-day moving average, have consistently increased.
This increase indicates that significant holders continued to dump their XRP positions, accelerating the dispersion trend.
Between March 4 and March 10, these major XRP holders liquidated almost $838 million in positions. This large sell-off illustrates the continuous bearish trend in XRP.
XRP price H&S pattern hints at $1.60 retest
On March 11, XRP’s 1-day chart fell below $2.05, the crucial neckline of the daily head-and-shoulders pattern. When viewed on a high time frame (HTF) chart, this pattern has the potential to have significant negative ramifications.
Lower prices are anticipated if XRP fails to recapture $2.05 support, as shown in the chart above.
The XRP price’s immediate target range stays between the 0.5 and 0.618 Fibonacci retracement lines. The retest range, sometimes known as the “golden zone,” is $1.90–$1.60. In the current negative situation, the 0.618 Fibonacci level, or $1.60, is likely to be tested again.
Failure to maintain this range could result in a retest of the long-term demand zone of $1.58 to $1.27.
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