XRP may see a decline, with its bearish chart pattern indicating a price point near $0.80 in the upcoming weeks.

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XRP has formed a bearish pattern, commonly known as a bear pennant, which typically signifies continued downward movement.

Key points to note:

• An ${XRP} price drop towards $0.80 appears likely due to emerging patterns on the chart.
• Increasing whale movements towards Binance could exert additional downward pressure on the price.

Bear Pennant Formation Suggests 42% Price Drop

XRP’s current bearish pennant has emerged amid market adjustments, suggesting a possible price decline of 42% if the trend continues. Analysts mention that a level of support at $1.22 will be crucial to prevent further drops, making it essential for XRP to maintain this level to prevent a bearish trend.

XRP/USD two-day chart XRP/USD two-day chart. Source: Cointelegraph/ TradingView

Analysts like BitGuru believe that failure to maintain support could lead XRP down to $1.11 before hitting the critical $1 mark.

Whale Transactions Cause Alarm

Recent data highlights a surge in XRP transfers, with over 31 million tokens moving to Binance, marking a significant inflow from major holders. This movement, chiefly from large stakeholders, represents potential selling pressure estimated at close to $45 million.

“If this selling trend continues, XRP may find it challenging to recover from its current downward spiral,” stated analyst Darkfost from CryptoQuant. “This may necessitate careful observation.”

XRP Ledger: Exchange inflow by holder cohorts XRP Ledger: Exchange inflow by holder cohorts. Source: CryptoQuant