- XRP broke below major levels as the price failed to push above the sideways trading range.
- Price activity turned soft as buyers slowed down, and support levels stayed under test.
- Funding rates turned flat as price action lost momentum and short pressure kept building.
XRP is trading around $1.69 after a 19.05% decline in the monthly timeframe, per EGRAG CRYPTO’s chart released on April 7, 2025. The technical chart spans from January 2018 to late 2028, showing XRP’s movement inside a rising white channel. The current price has bounced above the magenta midline support, indicating ongoing structural support amid volatility.
A breakout beyond the $1.970 resistance could activate Fibonacci extension targets. These include $2.30564 at 0.888, $3.37033 at 1.000, and $7.50068 at 1.236. Higher targets are set at $13.71335 (1.414) and $27.38179 (1.618).
Additionally, EGRAG’s kangaroo sketch highlights a visual metaphor. It shows a bounce setup with the kangaroo’s tail touching $1.59389 and leaping toward the green “Target ” box between $7.50 and $27.38.
Market Data Reflects Bearish Sentiment Despite Volume Spike
According to CoinMarketCap, XRP is down 23.73% over 30 days, trading at $1.78 as of April 7, 2025. This marks a sharp pullback from its March high of $2.3419. The asset’s market capitalization has dropped to $104.28B, down 14.30% this month.
Nevertheless, the daily trading volume surged by 404.89% to $11.17B, reflecting increased market participation during the correction. The fully diluted valuation is listed at $178.93B. XRP has a circulating supply of 58.27B, making up 65% of its 100B maximum.
The one-month chart shows that price momentum remained steady until late March, after which consistent red candlesticks confirmed strong bearish control. XRP’s price briefly fell below $1.70 on April 7 before recovering slightly.
Related: $1B XRP Transfer to Ripple Escrow Raises Market Speculation
On-Chain Metrics Indicate Rising Short Pressure
According to Coinglass data, XRP’s open-interest (OI)-weighted funding rate became unstable over the last months. Funding rates remained positive from October to the early days of February and peaked at 0.094% in December. Furthermore, the price of XRP rose from $0.50 in mid-October to over $3.20 by the end of January.
Since February, however, while the funding rate has been steadily flattening, red bars have been increasing, highlighting a build-up of short positions. March saw the funding rate turn negative repeatedly, particularly around March 12 and March 27.
The funding rate has been fairly close to neutral for early April. At the same time, the XRP price has fallen from $3.00 in January to about $1.80 on April 5. Traders’ cautious behavior and low volatility and leverage activity suggest uncertainty among derivatives markets.
