XRP Faces Renewed Selling Pressure as 2022-Like Patterns Resurface

Ripple’s native cryptocurrency, XRP XRP $1.92 24h volatility: 2.8% Market cap: $117.04 B Vol. 24h: $3.49 B , has been under severe selling pressure, dropping nearly 20% from last week’s high of $2.40. The coin is currently finding support at $1.85.

Technical indicators raise concerns, as XRP’s current chart pattern resembles the one seen in 2022, hinting at the possibility of a significant price decline if selling momentum continues.

XRP Price Mirrors 2022 Chart Patterns Flashing Concerns of Crash

XRP faced a major rejection at $2.40, triggering a sharp correction of around 20%. Since then, the cryptocurrency has been in freefall as market sentiment turns cautious.

The drop below $2 signaled a significant shift in market structure, with XRP now trading near $1.93, as investors reassess short-term price prospects.

According to blockchain analytics firm Glassnode, XRP’s current setup closely resembles its 2022 pattern.

The short-term holders’ cost basis shows a similar divergence, indicating potential market stress.

Recent buyers in the 1-week to 1-month cohort are accumulating XRP below the realized cost basis of the 6- to 12-month holders.

This pattern has put additional pressure on investors holding XRP at a higher price, and also raises the risk of further selling if the sentiment turns bearish.

A similar pattern emerged in February 2022, when the 1-week to 1-month realized price fell below the 6- to 12-month realized price.

At that time, XRP was trading around $0.80. During the subsequent broader crypto market correction, XRP plunged roughly 60% to $0.30, as both large and institutional holders exited their positions.

The $2 level remains an important support for Ripple. If bulls fail to reclaim it, selling pressure could increase further.

Can Ripple Crash to $1?

Crypto analysts have warned that if bulls fail to hold the $1.80 level, XRP could slide further toward $1.

Data from CoinGlass also highlights renewed weakness in the XRP derivatives market.

Total futures open interest dropped over 4% in the past 24 hours to roughly $3.42 billion, with CME and Binance open interest down about 3% and 5%, respectively.

This points to a more cautious and bearish sentiment among traders and investors.

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Tokenomics of Bitcoin Hyper

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