PI has continued its downtrend, slipping 5% in the last 24 hours despite the general market rally recorded over the past day.

The altcoin’s downturn signals weakening buying pressure as traders appear to shift their focus away from PI.

Pi Struggles as Market Participation Declines

Key technical indicators reinforce the bearish outlook for Pi. Its On-Balance-Volume (OBV), which tracks buying and selling pressure, has been steadily falling, indicating a decline in market participation and liquidity.

As of this writing, PI’s OBV sits at an all-time low of -845.93 million, falling by over 2000% since the beginning of March. 

When an asset’s OBV plunges like this, it indicates a decline in buying activity and increasing selloffs. This suggests that more PI traders are offloading the asset than accumulating it, increasing the downward pressure on its price.

Further, PI has remained in a descending parallel channel, a pattern that reflects its downward trend. According to readings from the PI/USD one-day chart, PI has traded within this bearish pattern since reaching an all-time high of $3 on February 26. 

A descending parallel channel is formed when an asset’s price moves between two downward-sloping parallel trendlines. This structure indicates a consistent pattern of lower highs and lower lows, suggesting a sustained bearish trend. Here, token sellers maintain control and prevent significant upward momentum. 

The pattern hints that PI’s price may continue to decline until it breaks above the channel or finds strong support.

Pi Risks Further Decline as Bears Attempt to Drag Price Below $0.62

PI’s strengthening selling pressure puts it at risk of breaking below the descending parallel channel. If this happens, the token’s downtrend gains momentum, pushing its price to $0.62.

However, if the bulls regain dominance and buying activity spikes, PI could reverse its current trend and rally toward $1.13.

XRP is up more than 8% over the past seven days, but it hasn’t been able to maintain the strong momentum sparked by the SEC dropping its lawsuit against Ripple.

After the initial surge, XRP has entered a phase of consolidation, with price action stuck between key support and resistance levels. Technical indicators now reflect a market on pause, with momentum fading and direction unclear.

XRP RSI Is Currently Neutral

XRP’s Relative Strength Index (RSI) is currently at 52.89, a notable drop from 63.90 just one day ago. This sharp decline signals a weakening in recent bullish momentum, as buyers appear to be losing control over the short term.

RSI has now slipped closer to neutral territory, suggesting that market participants are increasingly uncertain about the next move.

Importantly, XRP hasn’t reached RSI levels above 70—commonly associated with overbought and strongly bullish conditions—since March 19, over a week ago, indicating a lack of strong buying pressure during this period.

RSI, or Relative Strength Index, is a widely used momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100.

An RSI reading above 70 typically signals that an asset is overbought and could be due for a pullback, while a reading below 30 suggests it may be oversold and primed for a bounce. Values between 50 and 70 generally reflect bullish momentum, whereas readings between 30 and 50 lean bearish.

With XRP now sitting at 52.89, it remains above the midpoint but is edging closer to neutral, suggesting the recent bullish phase may be cooling off unless renewed buying activity steps in.

Ichimoku Cloud Shows An Indecisive Market

XRP’s Ichimoku Cloud chart shows a market in consolidation, with price action hovering just above the cloud but lacking strong momentum.

The Tenkan-sen and Kijun-sen lines are relatively flat and close together, indicating a pause in trend strength and a balance between buyers and sellers.

The lack of a clear Tenkan/Kijun crossover also supports the idea that the market is in a neutral phase rather than trending decisively in either direction.

The cloud ahead is thin and slightly bullish. This suggests that while there is some support beneath the price, it’s not particularly strong.

A thin cloud typically signals potential vulnerability, as it may not hold up well against increased selling pressure. Meanwhile, the Chikou Span (lagging line) is interacting closely with past price action, another sign that momentum is weakening.

Overall, the Ichimoku setup reflects uncertainty, with XRP needing a decisive push in either direction to escape this range-bound structure.

Will XRP Breach $2.50 Resistance?

XRP experienced a strong surge following the news that the SEC had dropped its case against it. However, that initial momentum has since cooled.

The price is now caught between a resistance zone at $2.47 and support at $2.35. That highlights a phase of consolidation and indecision.

If the current support level is retested and fails to hold, XRP could see increased selling pressure. That would open the door for a move down to $2.22. If bearish momentum intensifies, a deeper drop toward $1.90 is possible.

On the flip side, if buyers can regain control and push XRP price above the $2.47 resistance.

The next targets in that scenario would be $2.59 and $2.749, both of which align with previous areas of rejection.

If the uptrend gathers strength, XRP could climb as high as $2.99.

In previous years, trends in the TradFi market have caused risk-on assets like crypto to spike in Q2, especially in April. This could provide a much-needed bullish narrative for the space.

A report from QCP Capital looked at a few trends, such as the S&P 500’s performance, but Bitcoin’s price history over the last decade is the clearest market indicator.

Could Q2 2025 Be Good For Crypto?

According to a new report from QCP Capital, the crypto markets may enter a bullish period in Q2 2025. It draws this conclusion from a few sources, primarily related to the entangled nature of crypto and TradFi markets.

However, this data is corroborated by a broad spectrum of crypto-native trends.

“One of the fastest US stock downturns in recent history may well be behind us—or so JPMorgan and a growing chorus of strategists are telling their clients. Q2, and April in particular, has historically been one of the best periods for risk assets,” QCP claimed via Telegram.

With how desperate the crypto market has been for a bullish narrative, this Q2 speculation comes as a breath of fresh air. QCP pointed to recurring trends in TradFi sectors like the S&P 500, and some of these are even more pronounced in crypto.

Case in point, the price of Bitcoin is a great bellwether. Bitcoin is highly linked with the broader crypto market, and it has frequently rallied in Q2, especially in April.

For example, in 2017, Bitcoin’s price hovered around $1,000 until it broke $2,000 in mid-May, prompting a bigger rally. In 2021, a gargantuan price spike culminated in April and briefly dropped in May.

In 2024, Q2 was a significant bullish period for crypto. BTC climbed quickly after the approval of Bitcoin Spot ETFs in January, breaching $60,000 in late February and early March, setting a new all-time high by April.

At the same time, high-yield credit markets demonstrated a solid performance, with CC-rated bonds overperforming. This shows a healthy appetite for risk-on assets.

Additionally, receding tariff fears are already causing a jump in risk-on-asset performance across the board in 2025. Hopefully, this retreat will continue boosting crypto markets in Q2.

If these broader trends continue like they have in previous years, the market might enter a positive cycle in the coming months.