XRP's price is at risk of a downward move due to falling open interest and a possible bear flag pattern, which may send the token towards $1.04, a 5% drop from its current market price of $1.10.
The token continues to show signs of weakening momentum, with both on-chain data and technical indicators pointing to intense selling pressure.
A CryptoQuant analysis reveals declining participation in the derivatives market, with XRP's open interest on Binance falling to $350.6 million, one of its lowest readings in recent months.