XRP Faces Bearish Pattern Amid 300% Surge in Exchange Outflows

XRP is confronting a bearish head and shoulders pattern that could lead to an 18% price drop below $1, according to BeInCrypto. Despite this, exchange outflows for XRP have surged over 300% since mid-May, indicating strong buying pressure. The left shoulder of the pattern formed in early March, with the head peak in mid-March and the right shoulder completing in mid-May. The neckline is around $1.18, and a move below this level could confirm the bearish scenario. However, the increased outflows suggest accumulation, potentially mitigating the downside risk.