XRP Price Declines Amid Bearish Head-and-Shoulders Pattern
Global economic uncertainties are impacting cryptocurrency markets, notably XRP, which is facing selling pressure after failing to maintain levels above $2.40.
XRP has formed a bearish head-and-shoulders pattern, with high-volume selling occurring at key resistance levels. Analysts indicate that losing the critical support at $2.30 could lead to a drop towards $2.00.
Technical Analysis Highlights
- XRP peaked at $2.411 before declining 3.38% to $2.330.
- Resistance established at $2.40 with notable selling pressure.
- Support at $2.345 was tested multiple times before breaking during the 13:00 hour with volume surging 23% above the average.
- Price declined from $2.341 to $2.329, representing a 0.5% drop.
- A significant volume spike occurred at 13:35 when price fell from $2.345 to $2.337, with over 2.1 million in volume.
- Attempts to recover above $2.340 between 13:38-13:41 resulted in a lower high pattern.
- Renewed selling pressure at 13:47-13:50 drove XRP to session lows near $2.326, confirmed by elevated volume.