XRP Falls Over 27% in Week, Key Support at $2 Under Threat
Prices for XRP fell over 27% in the week ending March 9, the largest weekly decline since November 2022. This drop has raised concerns about the $1.95 key support level, which, if breached, may result in further losses.
- The decline is associated with a head-and-shoulders (H&S) topping pattern that has formed since December.
- This H&S pattern includes three peaks, with the highest peak in the center and a horizontal demand zone, known as the neckline.
- A break below the neckline indicates weakening demand and a potential shift from bullish to bearish market conditions.
- If bulls fail to defend the support near $2, a breakdown could lead to a drop to 60 cents, a significant resistance level from last year.
