The XRP (XRP) daily chart registered its lowest candle close in 99 days on March 10. The altcoin dropped below the $2 support level but registered a short-term recovery of 12% on March 11.
XRP 1-hour chart. Source: Cointelegraph/TradingView
On the high time frame (HTF) charts, XRP must hold above its psychological level at $2, but other metrics suggest that a deeper drawdown is possible.
XRP markets lack buyers as futures flip bearish
XRP price is currently down 37.1% from its all-time high of $3.40. When prices dipped by a similar percentage on Feb. 3, spot market bids quickly absorbed the selling pressure, pushing XRP above $2.50.
XRP’s spot and perpetual aggregated data. Source: aggr.trade
However, XRP‘s spot and perpetual markets were relatively bearish over the past week. Data from aggr.trade indicates that XRP’s spot cumulative volume delta (CVD) dropped by 50%