- XRP consolidates at $1.3649 within descending channel (purple shaded area) as open interest drops 2.61% to $2.30 billion.
- $16.62M in ETF outflows on March 6 extend institutional selling, with cumulative flows holding at $1.24 billion.
- Volume collapses 15.92% to $3.05 billion while ascending wedge formation suggests potential breakout near apex.
XRP price today trades near $1.3649, down 0.17% after consolidating within a descending channel that has guided price lower since mid-February. The move places buyers and sellers in equilibrium as ETF outflows extend and derivatives positioning contracts.
Open Interest Drops 2.61% As ETF Outflows Hit $16.62M
Open interest declined 2.61% to $2.30 billion while volume collapsed 15.92% to $3.05 billion, signaling reduced participation as price consolidates. The long/short ratio on Binance sits at 2.59 for accounts and 2.90 for top traders, showing leverage remains tilted bullish despite the flush.
XRP spot ETFs recorded $16.62 million in net outflows on March 6, extending institutional selling after the previous day’s $6.15 million outflow. The two-day outflow streak totals $22.77 million, marking the first sustained institutional selling since late February. Cumulative flows hold at $1.24 billion, representing 1.18% of XRP’s market cap.
Total liquidations hit $16.09K, with longs accounting for $15.05K. Options volume surged 56.01% to $1.21 million while options OI rose 1.04% to $56.13 million, reflecting increased hedging activity despite price consolidation.
2-Hour Chart Shows Descending Channel Consolidation
The 2-hour chart shows XRP trapped in a descending channel (purple shaded area) since mid-February. The Supertrend at $1.4082 sits above current price, confirming bearish momentum. The Parabolic SAR at $1.3713 provides dynamic support just below current levels.
Related: XRP Trades in Tight Range as Analysts Watch Key Levels
Price is consolidating near the lower boundary of the channel, with the $1.35 to $1.37 zone acting as a critical support area. A break below this level would expose the $1.30 to $1.28 demand zone.
Key levels:
- Descending channel support: $1.35 to $1.37
- Parabolic SAR: $1.3713
- Channel resistance: $1.40 to $1.42
- Supertrend resistance: $1.4082
Daily Chart Shows Ascending Wedge Formation
The daily chart shows XRP forming an ascending wedge (orange dotted converging lines) since the late February spike low near $1.1555. The wedge is compressing toward its apex, suggesting an imminent directional breakout.
A descending trendline (orange dotted line) from July 2025 highs near $3.70 continues to cap rallies. The $1.60 to $1.70 resistance zone (purple shaded area) represents a major overhead supply area that has rejected multiple rally attempts.
The ascending wedge is typically a bearish continuation pattern, with breakouts often occurring to the downside. However, a break above the wedge resistance would invalidate the pattern and target $1.56 to $1.60.
Outlook: Will XRP Go Up?
The next move depends on whether XRP can hold the ascending wedge support and break above the descending channel resistance.
- Bullish case: XRP holds $1.35 and breaks above the descending channel at $1.40 to $1.42. That invalidates the bearish structure and targets the Supertrend at $1.4082 and potentially $1.56 to $1.60.
- Bearish case: A breakdown below the ascending wedge support at $1.35 confirms the pattern and exposes $1.30 to $1.28. Losing that level opens the door to the February spike low near $1.15.
Related: XRP Price Prediction: First ETF Outflows In Weeks Hit as XRP Tests Resistance
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