XRP price eyes 16% drop as key XRP Ledger network metrics dip

XRP reserves on Binance have collapsed to record lows, reflecting intense selling pressure as the cryptocurrency market faces significant volatility and declining investor confidence. This situation is exacerbated by Bitcoin's struggles and the broader market's fear and uncertainty.

Bitcoin has rebounded above a key resistance level, recovering from recent selling pressure, although institutional selling persists amid significant ETF outflows. This recovery comes as Bitcoin's price has recently stabilized around the $86,000 mark after a modest bounce, reflecting mixed technical signals.

Ethereum's mainnet has raised its block gas limit to 60 million, marking the highest level in four years, as reported by network data. This increase is seen as a significant step in enhancing the network's capacity and efficiency ahead of the anticipated Fusaka upgrade.

XRP, the digital token linked to Ripple, has experienced an 18% decline this month, nearing significant support levels as market data indicates a drop to a six-week low of $2.12. This downturn reflects reduced trading activity and profit-taking pressures within the cryptocurrency market.

Bitcoin has recently rebounded above the $90,000 mark after a period of intense selling pressure, yet the Coinbase Premium Index remains negative, indicating that US institutions are selling more aggressively than retail investors. This situation reflects ongoing market fears and uncertainty following a significant correction from the cryptocurrency's all-time high in October.

Shiba Inu's price has successfully defended its yearly low, bolstered by a bullish engulfing candle that indicates a potential structural shift in the market. This development suggests early signs of a reversal, setting the stage for a possible upward movement in value.

Cardano's price has been experiencing a slow recovery as it approaches the anticipated Midnight launch, despite recent sell-offs that reflect broader market trends. The cryptocurrency's price has faced significant challenges, including a notable decline from its previous highs.

WLFI's price has recently printed a bearish swing failure pattern (SFP) after sweeping significant liquidity at its swing high, indicating a heightened risk of further declines if it cannot reclaim critical value area levels. This development follows a broader trend of negative sentiment surrounding the cryptocurrency market.