The post XRP price drops below $2.3 as funding rates flash negative appeared on BitcoinEthereumNews.com.

Ripple’s XRP price has slipped below $2.3 in the backdrop of a broader decline in the cryptocurrency market. Market indicators, including funding rates and open interest, suggest sustained bearish pressure as traders brace for potential further losses. Per TradingView data, over the past week, XRP has seen a price decrease of 4.89%, with its monthly performance reflecting a 3.75% loss. Recent analysis also showcases concerns for the market, as CoinGlass updates reveal that XRP’s funding rate flipped negative in the past 24 hours, reaching -0.03%.  Funding rates typically represent periodic payments between futures traders to keep derivative contract prices aligned with the spot market. Negative funding rates indicate rising bearish sentiment, where short traders “pay a fee” to long traders. XRP open interest and whale activity signal bearish momentum XRP’s open interest has remained elevated since a spike earlier in the week, further highlighting traders’ cautious approach. The combination of declining funding rates and high open interest suggests that bearish momentum continues to dominate despite occasional rebounds during bullish market conditions. Significant whale activity between January 7 and 8 saw approximately 60 million XRP, valued at $139 million, offloaded. This large-scale sell-off contributed to XRP’s dip from $2.4 to $2.2, adding further downward pressure.  Ripple saw a significant surge in value of over 200% following the election victory of Donald Trump as US President in November. The cryptocurrency received an additional boost with the confirmation of Gary Gensler’s resignation as the Chair of the Securities and Exchange Commission (SEC). XRP’s price peaked in mid-December, reaching over $2.50 per token, up from $0.54 just two months earlier, marking a 363% increase. Despite this impressive rise, the token’s value remains well below its all-time high of January 2018. Since its rejection at the $3 resistance level, XRP has traded within a wedge…

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Filed under: News - @ January 10, 2025 12:20 pm