XRP has witnessed a 9% decrease in value in the last 24 hours, aligning with the overall downtrend in the market. This decline coincides with a subdued response from investors to Donald Trump's recent announcement of the Strategic Bitcoin Reserve and the conclusion of the White House Crypto Summit.

With XRP's previously optimistic trend dwindling and market instability on the rise, the digital token might be vulnerable to further price declines in the immediate future.

As the price of XRP dips, the open interest of its futures traders has also taken a hit, currently standing at $3.39 billion, down 3% within the same timeframe. A decline in open interest along with the price suggests decreased market participation, with traders closing existing positions without initiating new ones, indicating a lack of momentum and uncertainty regarding future price movements.

Moreover, the funding rate for XRP has consistently been negative over the past two days, indicating a preference for short positions and reinforcing a bearish outlook at -0.0040%.

Reflecting the increased selling pressure, XRP's Balance of Power (BoP) on the daily chart continues to show negative values at -0.38, emphasizing the dominance of sellers in the market. If demand for XRP weakens further, there is a risk of the price breaking below the support level of $2.13, potentially leading to a decline towards $1.47.

Nonetheless, in a scenario where market sentiment turns bullish and traders show renewed interest, XRP's price could surge past the resistance at $2.93 towards reclaiming its previous all-time high of $3.40, last attained on January 16.