3 reasons XRP ( $1.34 ) might drop to $1.60 in March

The XRP ( $1.34 ) ( XRP ( $1.34 ) ) daily chart registered its lowest candle close in 99 days on March 10. The altcoin dropped below the $2 support level but registered a short-term recovery of 12% on March 11.

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On the high time frame (HTF) charts, XRP ( $1.34 ) must hold above its psychological level at $2, but other metrics suggest that a deeper drawdown is possible.

XRP ( $1.34 ) markets lacks buyers as futures flip bearish

XRP ( $1.34 ) price is currently down 37.1% from its all-time high of $3.40. When prices dipped by a similar percentage on Feb. 3, spot market bids quickly absorbed the selling pressure, pushing XRP ( $1.34 ) above $2.50.

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However, XRP ( $1.34 ) ‘s spot and perpetual markets were relatively bearish over the past week. Data from aggr.trade indicates that XRP ( $1.34 ) ’s spot cumulative volume delta (CVD) has dropped by 50% in March.

A negative CVD means that there is more selling volume than buying. The current CVD value is -$408 million, which signals waning demand, with sellers taking control.

Likewise, futures traders are also turning bearish, with perpetual CVD dropping to -1.18 billion on March 11. XRP ( $1.34 ) ’s open interest-weighted $1.34 ) " rel="nofollow noopener" target="_blank" text="null" title="https://www.coinglass.com/currencies/ XRP ( $1.34 ) ">funding rate has also turned significantly negative, which indicates more short positions were added over the past few days.

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XRP ( $1.34 ) whales continue selling spree

Last week, XRP ( $1.34 ) ’s volume bubble map showed a surge in activity toward the end of February. Ki-Young Ju, CryptoQuant founder, observed that this uptick aligned with an ongoing distribution phase for XRP ( $1.34 ) .

Distribution refers to a period in the market cycle when large investors slowly offload their positions to secure gains, usually happening close to the peak of an upward trend.

Related: Why is the XRP ( $1.34 ) price down today?

Current data reveals that the distribution phase has intensified over the past seven days. Specifically, whale outflows, measured as a 30-day moving average—have steadily risen.

This increase suggests that large holders continued to offload their XRP ( $1.34 ) positions, further driving the distribution trend.

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Between March 4 and March 10, these large XRP ( $1.34 ) holders offloaded roughly $838 million in positions. This significant sell-off reflects the ongoing bearish trend for XRP ( $1.34 ) .

XRP ( $1.34 ) price H&S pattern hints at $1.60 retest

On March 11, XRP ( $1.34 ) ’s 1-day chart closed below $2.05, which is the critical neckline of the daily head-and-shoulders pattern. This pattern has potentially strong bearish consequences when observed on a high time frame (HTF) chart.

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Lower price are likely if XRP ( $1.34 ) fails to reclaim $2.05 as support, as illustrated in the chart above.

The immediate target zone for XRP ( $1.34 ) price remains between 0.5 and 0.618 Fibonacci retracement lines. Also known as the “golden zone,” the retest range lies between $1.90 and $1.60. The likelihood of retesting the 0.618 Fibonacci or $1.60 is high in the current bearish environment.

Failure to hold this range could lead to a retest of the long-term demand zone between $1.58 and $1.27.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.