XRP price remained in a consolidation phase this week as volume in the spot market waned and exchange-traded funds suffered the biggest outflow ever. Ripple (XRP) token was trading at $1.9172, where it has remained in the past few days. This price remains 20% below the year-to-date high of $2.41. SoSoValue data shows that spot XRP ETFs had their worst week since their inception in November last year.
These funds experienced over $40 million in outflows this week, bringing the cumulative inflows since their inception to $1.23 billion. It was the first time that these funds experienced weekly outflows, with 21Shares’ TOXR being the most affected. The eight-hour chart shows that the XRP price has retreated in the past few weeks, moving from a high of $2.4145 to the current $1.9175. The token has remained below the 50-period and 50-period Exponential Moving Average, a sign that bears are now in control.
The token has also formed a bearish pennant pattern, which is made up of a vertical line and a symmetrical triangle. This triangle pattern is nearing its confluence, which will lead to a bearish breakdown in the coming weeks. Such a drop will likely see it drop to the next key support level at $1.7712, its lowest level on December 19. This target is about 7.65% below the current level.
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