The price of XRP has erased some of the gains made in November as the cryptocurrency sell-off continues.

ripple (XRP) fell to $2.14 on Monday, down 26% from its high this month, meaning it has moved into a bear market.

The XRP decline occurred as social sentiment and futures open interest continued to decline. According to CoinGlass, futures open interest fell to $1.89 billion on Monday, down from a year-to-date high of more than $4.29 billion.

Ripple's daily trading volume has also declined in the past few weeks as its momentum has declined. that it 24 hour volume It was more than $10 billion, much less than what was transacted a few weeks ago.

However, the price of XRP has some important fundamentals that could push it higher in the near term. The most important metric is that many top holders are not selling. according to saintXRP has more than 5.75 million holders, which is higher than the October low of 5.36 million. Likewise, the number of active addresses decreased slightly during this sale.

XRP also has more catalysts to come. CoinMarketCap Data indicates that the market capitalization of the Ripple USD stablecoin rose to more than $53 million a week after its launch. However, CMC warns that its assets in the RLUSD stablecoin have not been verified.

Moreover, there are increasing chances that the SEC will approve a Spot XRP ETF In 2025. Donald Trump has vowed to be a more crypto-friendly president and has already started recruiting members for the Cryptocurrency Council. Spot ETFs are likely to create more currency and demand noise.

XRP price analysis as a bullish pattern

The daily chart shows that Ripple price is slowly forming a bullish pennant chart pattern. This is a popular continuation sign consisting of a vertical flag bar and a triangle pattern, which is forming now.

The lower side of the triangle connects the lowest points on December 10 and 20. The upper side touches the highest swing on December 3-17. There are signs that this consolidation will continue for some time.

XRP price also moved above the 50-day moving average and is located at the stop, stop and weak point of the Murrey Math Lines. Therefore, the coin is likely to witness an upward breakout as the bulls target the year-to-date high of $2.90.