XRP continues its decline, falling 10% over the past week as bearish momentum strengthens.

The fourth-largest cryptocurrency by market capitalization remains under pressure, with waning buying interest hinting at the possibility of further losses.

XRP’s Outlook Worsens as Buying Pressure Fades

Since reaching an all-time high of $3.40 on January 16, XRP has remained mostly within a descending parallel channel. This is a bearish pattern formed when an asset’s price moves between two downward-sloping parallel trendlines, indicating a downtrend.

When an asset’s price trades within this channel, it marks a period of decline during which sellers dominate, and buying activity is low. This has put significant downward pressure on XRP’s price in the past month. 

XRP currently trades at $2.11, exchanging hands below its 20-day exponential moving average (EMA). This key moving average measures the asset’s average price over the past 20 trading days, giving more weight to recent prices to reflect short-term trends. 

When an asset’s price falls below its 20-day EMA, it suggests that selling pressure is strong and the asset is in a bearish phase. This signals continued downside momentum for XRP unless buying interest increases to push the token’s price back above the EMA.

Further, XRP’s Chaikin Money Flow (CMF) is currently in a downtrend and is poised to breach its zero line. This indicator, which measures money flow into and out of an asset, is at 0.02 as of this writing. 

When an asset’s CMF attempts to fall below zero, it reflects the weakening buying pressure and increasing selling dominance. This suggests that money is flowing out of XRP rather than into it, reinforcing the bearish outlook. 

XRP Faces Bearish Pressure: Could It Crash to $1.47?

XRP risks dropping below $2 if new demand remains insignificant. In that scenario, it could plummet to $1.47, a low it last reached in November. 

On the other hand, if selling pressure wanes and XRP sees an uptick in buying activity, it could push its price past the resistance at $2.81 toward the $3.40 all-time high.

OKX pushed back against a recent article claiming that EU watchdogs were scrutinizing the exchange over its potential role in the Bybit hack. The firm received a MiCA license last month to meet EU compliance and claims that regulators are not investigating its services.

OKX’s comments took a surprisingly hostile tone towards Bybit, even though the firm proactively tried to cooperate in freezing stolen money. It did not directly refute the notion that Lazarus Group hackers used its decentralized services.

OKX Pushes Back Against Claims of EU Scrutiny

OKX, a leading crypto exchange, has been building its regulatory credibility as of late. Last month, OKX settled with the US Department of Justice to help normalize relations. It also recently secured a MiCA license to conduct business in the European Union.

Today, the exchange reacted to a recent Bloomberg article that claimed EU regulators were quietly scrutinizing it. In the article, Bloomberg referenced Bybit’s statement and described that EU regulators are ‘zeroing in’ on OKX’s Web3 services.

“The Bloomberg article is misleading. It is unfortunate Bybit’s statements are spreading misinformation among journalists. We want to clarify for our community that OKX is not being investigated. This is simply a case of Bybit’s lack of security know-how. Our web3 wallet services are no different than what is offered by other industry players,” OKX wrote on X (formerly Twitter).

A Bybit Misunderstanding?

On March 4, Bybit CEO Ben Zhou posted a breakdown of the Lazarus Group’s money laundering efforts, which were largely successful.

Also, Zhou claimed that 8% of the funds were laundered through a decentralized OXK wallet, and its President, Hong Fang, reached out to help. Zhou thanked her for this assistance.

However, this 8% of the stolen funds, which amounted to around $100 million, is at the center of the EU’s apparent scrutiny. Bloomberg reported that regulators are trying to determine whether OKX’s separate, decentralized Web3 service also falls under MiCA. If so, the EU may even claim that OKX violated sanctions against North Korea.

All that is to say, this report doesn’t cite any new claims from Bybit except the exchange between Zhou and Hong. This interaction had a very cordial tone at the time, but OKX’s official statement is much more caustic today.

The firm absolutely refutes these claims and reiterates that Bybit was hacked because of its own security vulnerabilities.

“We will continue to help Bybit to strengthen the industry. But we absolutely refute the false claims by Bybit that are leading to misinformation about our role in what began as a serious security vulnerability on their exchange,” OKX wrote.

These claims are particularly concerning and don’t necessarily align with OKX’s proactive response after the hack. When the hack first happened, crypto sleuth ZachXBT specifically appreciated the firm’s willingness to help freeze stolen assets.

If this cooperation attracted regulatory scrutiny, however, some frustration is understandable. So far, Bybit hasn’t commented on any of these proceedings.

It’s important to remember that Bloomberg didn’t state that a criminal investigation was taking place, only that a confidential group of watchdogs was closely discussing the issue. It didn’t specifically touch on the actual laundering allegations.

Perpetuals, Made In USA coins, and meme coins are the top three crypto narratives to watch for the second week of March. Perpetuals tokens like HYPE and WOO are down over 12%, but strong trading activity and high revenue suggest a potential rebound.

Made In USA coins, including PI, ADA, and HBAR, have suffered major losses amid broader market turmoil, but the recovery could be near if market conditions stabilize. Meme coins have been hit hard, but their history of sharp rebounds suggests they could lead the next rally if sentiment shifts.

Perpetuals

Perpetuals coins appear to be setting up for a rebound after a rough week, with HYPE and WOO both down more than 12% in the last seven days. Perpetuals platforms are exchanges that allow traders to buy and sell perpetual futures contracts, which have no expiration date.

These platforms use a funding mechanism to keep contract prices aligned with the spot market while enabling traders to take long or short positions with leverage.

Despite the recent downturn in some perpetuals tokens, the sector continues to see strong activity, with high trading volumes and fees generated across key platforms.

Hyperliquid remains the dominant force in the perpetuals space, generating an impressive $12 million in fees over the past week, outperforming major DeFi apps like Jito, Maker, Solana, Ethereum, Raydium, and Pumpfun.

However, this level of dominance also suggests that the market has room for competitors to emerge and challenge its position. Arkham, for instance, has surged 14% in the last 24 hours. That signals that some traders are betting on alternative projects within the perpetuals ecosystem.

Overall, these trends make perpetuals one of the must-watch crypto narratives of the week.

Made In USA Coins

The biggest Made In USA coins have all suffered significant losses in the past week, with PI dropping 22.6%. ADA and HBAR both down 18.9%. Made In USA coins refer to cryptocurrencies that have strong ties to the United States, whether through their founding team or company headquarters.

This category includes projects that often attract regulatory scrutiny or benefit from US-based institutional backing. The latest downturn aligns with broader market weakness, as both the crypto and stock markets have been hit hard in the past 24 hours.

The US stock market saw a massive $4 trillion wipeout following Trump’s push for new tariffs. Given the scale of this correction, a potential rebound could be on the horizon if investors view the recent dip as an overreaction. That could positively impact crypto, driving a new surge.

Historically, sharp declines in both crypto and equities have been followed by strong recoveries, especially when macroeconomic fears subside.

While the downtrend remains intact for now, a shift in sentiment could trigger a bounce for Made In USA coins if market conditions stabilize.

Meme Coins

Meme coins remain one of the most volatile crypto narratives. They often experience the biggest surges during bullish phases and the sharpest corrections during downturns.

This volatility has been evident in the past week, as the biggest meme coins have taken a heavy hit. Dogecoin (DOGE), the largest meme coin by market cap, has dropped more than 17% in the last seven days.

TRUMP is down over 14%, and PEPE and BONK have both lost more than 10% during the same period.

However, if the crypto market stages a rebound this week, meme coins could see some of the strongest recoveries. Historically, these assets tend to outperform in fast-moving uptrends due to their speculative nature and the rapid inflow of retail interest.

The last major surges in meme coins occurred after broader market rebounds reignited hype and aggressive buying activity.

If sentiment shifts and liquidity returns, DOGE, TRUMP, PEPE, and BONK could quickly reclaim lost ground. That could potentially lead to another wave of explosive gains in the meme coin sector.