Just checked XRP charts and the bearish pressure is still pretty real here. Price has actually dropped further to around $1.32, which tells you something about the selling momentum. The 4-hour setup still looks weak with lower highs and lower lows, and that strong ADX reading means this downtrend has some conviction behind it.

What caught my attention though is the OI situation. Open interest has collapsed from those $10B peaks we saw during the rally down to roughly $2.8B now. That's a massive deleveraging, and honestly it shows traders are getting cautious. The spot flows are telling the same story too with consistent outflows around $17M. It's not panic selling, just people trimming positions and moving coins off exchanges.

Looking at levels, XRP is now testing around $1.32 so the $1.50 support zone I mentioned before is actually getting closer. If that breaks, next real demand zone sits in the $1.42-$1.45 area. On the flip side, resistance is still up at $1.60-$1.66, and you'd need a move above $1.72 to start thinking the trend might actually be shifting.

The interesting part is that while OI has contracted significantly, it hasn't totally dried up, which means there's still some derivatives participation. But the overall picture is traders playing defense rather than loading up on dips. The technical structure remains bearish until we see a decisive move above that $1.85 level, which would really invalidate the downtrend. For now it's a waiting game at these support zones.