XRP Slips to $2.18 as Volume Crashes 46%—Trouble Ahead?

Key Points:

• XRP sees price dip and volume drop, hinting at weakening momentum amid broader market caution.
• Analysts eye $17.50 XRP target, citing historical EMA-based patterns from previous bull cycles.
• Exchange outflows suggest supply shock potential, with $12.4B in XRP withdrawn from major platforms.

XRP is showing signs of weakening momentum as its price dropped to $2.18 on Wednesday. 

Meanwhile, this marks a 0.3% decline over the past 24 hours. The daily trading volume also fell by 46.2%, reaching $2.41 billion. The simultaneous drop in both price and volume may signal cooling interest among market participants amid broader uncertainty.

Despite the short-term decline, XRP has gained 1.7% over the past seven days. The total market capitalization of the asset currently stands at approximately $128.8 billion.

XRP Price Action and Indicators Mixed

On the daily chart, XRP shows signs of a fragile recovery. The Moving Average Convergence Divergence (MACD) indicator is flashing a bullish crossover, with the MACD line crossing above the signal line. While this typically suggests increasing buying momentum, both lines remain below zero, keeping the token in bearish territory for now.

At the same time, the Relative Strength Index (RSI) sits at 50.14. This is considered neutral and neither confirms overbought nor oversold conditions. The RSI had been lower recently and is now climbing, suggesting an early sign of buyer strength returning. A daily close above $2.25, supported by an RSI moving beyond 55, could confirm bullish continuation.

Analysts Watch for Supply Shifts and Price Patterns

Crypto analyst EGRAG CRYPTO (@egragcrypto) has projected a bold price target for XRP at $17.50, drawing on historical market patterns. In a recent post, the analyst referenced XRP’s price behavior during the 2021 bull cycle, noting that many underestimated the magnitude of the token’s past price surges.

EGRAG analyzed percentage gains from past rallies and their relation to the Exponential Moving Average (EMA). He identified a recurring pattern that, if repeated, could point to a $17.50 upside target.

In addition, analysts have noted recent on-chain developments. Data shows that major exchanges such as Binance and Upbit saw a collective reduction of $12.4 billion in XRP reserves over the past week. 

Market participants suggest this trend could trigger a supply shock. Analyst Remi Relief suggested that this could create upward pressure on price, though others caution that such withdrawals may also relate to cold wallet transfers.

XRP Technical Structure Signals Uncertainty

As CoinCu reported, Veteran trader Peter Brandt pointed to a possible Head and Shoulders pattern forming on XRP’s chart. He suggested that the April 7 spike should be considered an outlier and excluded from the technical formation. 

According to Brandt’s analysis, a break below $1.87 could suggest deeper downside toward $1.40–$1.50, while holding above $2.20–$2.40 may indicate a consolidation zone.