XRP Price Declines 4.7% Amid Inverse Head and Shoulders Pattern Formation

XRP's price fell by 4.7% in 24 hours, continuing its trend of high volatility in March. Currently, it is down 13.8% over three days and may drop below $2.10.

Inverse Head And Shoulders Pattern

A potential inverse head and shoulders pattern is forming on XRP's daily chart, identified by analyst Egrag Crypto. This pattern could signal a bullish reversal after a possible short-term dip to complete the second shoulder.

If confirmed, the breakout could push XRP's price to a range between $3.7 and $3.9.

Potential for New All-Time High

The bullish outlook suggests XRP could reach a new all-time high within 90 to 120 days based on historical patterns in its Relative Strength Index (RSI).

The first RSI peak occurred at the end of 2024, reaching 85.17, followed by a cooldown phase.
The current RSI is around 66, with expectations for a bounce and peak around June.

At present, XRP trades at $2.12, reflecting a 4.7% decline in the past day.