XRP Approaches Key Support Zone as Topping Pattern Develops
Risk-off sentiment has XRP trading near the $2 support zone, a key level for a potential downtrend confirmation through a head-and-shoulders (H&S) pattern. Key points include:
- The H&S pattern consists of three peaks, with the middle peak as the highest.
- The neckline, marking the demand zone, is identified at $1.90-$2, which has held since January.
- A drop below this range would confirm a bearish trend change.
- Analyst Peter Brandt suggests a potential price target near $1.07 if the breakdown occurs.
- On the upside, the bulls need to surpass $3, the lower high from early March.
