XRP Price Chart Signals Trouble – Is A Drop To $1.20 Possible?
According to CoinMarketCap, XRP’s price has been downwardly downward in the past 24 hours, down nearly 5%. In this price drop, well-known market analyst Ali Martinez said there was a strong bearish way of the XRP price chart forming a further drop in prices.
The bearish collapse of XRP faces the head and shoulder pattern
Last week, XRP investors owned Witnessed both sides After spontaneous 30% to $3.00, volatility in cryptocurrency market volatility is almost equal bearish price action. Currently, XRP is trading at about $2.30, indicating that there is a lot of pressure to sell.
Comment on the current market conditions, Ali Martinez statement XRP’s price action on the daily chart forms a head and stock pattern, indicating a price drop. For context, the head and shoulder sho bone pattern is a common reversal signal that appears on an uptrend before the noticeable downtrend begins.
This bearish formation begins with the left shoulder, which is the initial price peak, followed by a medium pullback. This can be seen in the XRP price action at the end of 2024, after it soared to around $2.70 in early December before the general market correction. Thereafter, there are head components representing higher price peaks, i.e. the current local market is up to $3.40, followed by another decline.
Finally, the right shoulder is completed by the right shoulder formed by the volatile price action played by XRP last week. Now, Altcoin is on a downward trend, which puts many traders on alert to potential massive price crashes.
But despite the head and shoulder patterns, the bearish signal can only be confirmed when the XRP decisively breaks under the neckline at $2.20. In this case, Martinez warned that crypto assets could be as low as $1.20, which could be 50% lower than XRP’s local high in February.
In neutralizing this bearish projection, the XRP Bulls must provide enough market demand to push the coin higher at the right shoulder peak of $3.00, a signal driving force for extending the price uptrend.
XRP Market Overview
At press time, XRP traded at $2.34 after a 4.56% decline in the past 24 hours. However, its weekly chart reflects a 9.44% gain, pushing assets to a secondary monthly 0.34%. Recently, the fourth-largest cryptocurrency fell below its simple 100-day moving average, associated with concerns about continued price declines. However, according to CoinMarketCap data, the XRP community remains bullish to a large extent.
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