XRP Faces Potential Major Price Decline
XRP is on the verge of a important price drop due to a forming bearish head adn shoulders pattern. This technical formation suggests a downward trend if key support levels are breached.
The pattern is almost complete, with a critical neckline support between $1.97 and $2.13. If this support breaks,XRP could plummet to $0.61,a level with minimal support below it.
Key points:
- XRP is forming a bearish head and shoulders pattern.
- Breaking the neckline support could trigger a sharp decline.
- The $0.61 level has little support beneath it.
Since November 2024, XRP saw a rise to $3.37, followed by a consolidation phase. This phase formed the pattern’s left shoulder, head, and right shoulder. The neckline support recently broke, marking a shift in market sentiment.
Price action is now testing the neckline. If it fails to reclaim this support and breaks the key swing low, the bearish pattern will activate, leading to a rapid decline toward $0.61.
For traders, this setup offers a short position prospect. Wait for the pattern’s full activation before entering. Patience is key to avoid premature trades. Onc confirmed, the potential reward could be ample.
Source: Tradingview
