The price of XRP forms a risky pattern as outflows from exchange-traded funds reach $40 million

The #XRPUSDT price has remained volatile this week with declining trading volume in the spot market, and ETFs experienced the largest outflows ever.

Summary

The $XRP price formed a bearish pattern on the eight-hour chart.

This pattern indicates further decline in the coming days.

Spot market ETFs for #XRP experienced outflows of $40 million this week.

Ripple (#Ripple ) traded at $1.9172, the price it has stabilized at over the past few days. This price is still 20% below its high this year of $2.41.

Some data shows that XRP ETFs in the spot market had their worst week since their launch last November.

These funds saw outflows exceeding $40 million this week, bringing total inflows since launch to $1.23 billion. This was the first time these funds experienced weekly outflows, with the #TOXR fund by #21Shares being the most affected.

XRP's price has shown significant volatility, with external data indicating that the stable Ripple USD (RLUSD) no longer grows at the previous rate. The market cap of this currency is $1.3 billion, a range it has stabilized within over the past few months.

On a positive note, Binance decided to list the stable coin RLUSD this week, making it available to millions of its users. This currency is also expected to benefit from the upcoming expansion to other chains via Worm..hole integration.

The weakness of XRP reflects the weakness of other cryptocurrencies, which have remained volatile in recent weeks. Bitcoin's price dropped to $89,000, while Ethereum's price fell below $3,000.

One reason for this weakness is investors shifting to the better-performing stock market, with the Dow Jones and S&P 500 approaching their all-time highs. Precious metals like gold and silver have also seen record increases this year.

Technical Analysis of XRP Price

The eight-hour chart shows XRP's price declining over the past few weeks, falling from its high of $2.4145 to the current $1.9175.

Upon closer inspection, it is clear that the currency has remained below the 50-period exponential moving average, indicating seller dominance.

The currency also formed a bearish pattern known as a "flag," consisting of a vertical line and a symmetrical triangle. This triangular pattern is approaching an intersection point, which will likely lead to a bearish breakdown in the coming weeks.

This decline is expected to push the currency down to the next major support level at $1.7712, the lowest point since December 19. This target is approximately 7.65% below the current level.

$XRP