XRP Price Review: Descending Triangle Indicates Potential Breakdown on the Horizon

Current XRP Price Action: XRP is trading near $2 within a tightening descending triangle, indicating potential for an imminent price movement after a month of losses, with a 14% decline over the past month.

Market Sentiment and Volume: Weak trading volume and negative funding rates suggest traders are cautious, with ETF inflows dropping and social sentiment weakening, indicating a bearish outlook.

Technical Analysis: The descending triangle pattern suggests a continuation of the downtrend, with a critical support level at $2.00; a drop below this level could lead to further declines, while a breakout above the trendline may signal a reversal.

Catalyst for Future Growth: The launch of wrapped XRP (wXRP) by Hex Trust, which connects XRP to various blockchain networks, has generated initial interest and could provide new decentralized finance opportunities, despite the current market pressures.