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XRP is currently showing signs of vulnerability as its recent price action grows. After recovering its uptrend in May above $2.60, cryptocurrencies have been working hard to maintain this operation and price action over the past few days has been Make it close to failure Price level of $2.10.
It is worth noting that the price action leads to the formation of head and shoulder patterns on the daily candlestick chart. This may be the last straw Send XRP price drops Less than $2.
Related Readings
XRP broken head and shoulder neckline
like XRP’s crypto analyst on social media platform X has now printed the classic head and shoulders with a well-defined symmetry between the left, head and right shoulder. In late April, the construction of the head and shoulders began to take shape, when the price rose to $2.26, becoming the patterned left shoulder. From mid to mid-May, Above XRP $2.60 to create the mind of the formation, and the strong momentum of recovery that emerged at the time.
The rally lost steam shortly after reaching this peak and the price began to retreat again. By June 3, XRP Another attempt To improve, the right shoulder formation is $2.27. However, this push was not enough, and the subsequent price action allowed the seller to gradually fight for control.
The head and shoulder patterns, usually associated with trend reversals, become even more worrying, with prices as low as $2.07 on July 6 once the XRP breaks below the $2.18 level. Interestingly, the breakdown below the neckline is accompanied by an increased volume, which provides additional confirmation of the bearish signal.
XRP’s EMA Rejection: What’s Next?
Now that the XRP has broken under the neckline, the $2.18 to $2.20 area begins pouring it into a firm resistance barrier for any recovery attempt. The daily candlestick chart shows that XRP continues to be below the 9-day EMA and 50-day SMA, currently at $2.1877 and $2.2649, respectively.
although Moderate recovery Over the past 24 hours, XRP has repeatedly failed to repel over the 9-day EMA since the neckline failure, showing persistent weakness Short-term structure.
As long as the XRP is trapped under the neckline and under the EMA/SMA resistor cluster, it can continue to tend to extend downward. Depending on head and shoulder settings, the range from neckline breakdown items drops to $1.85 to $1.80.
Related Readings
At the time of writing, XRP now finds itself trading the neckline at $2.18 again after gaining 2.6% from $2.13 in 24 hours. However, the strength of this rebound is questionable as it trades down 48.14%. The next 24 hours will be importantWith the price behavior in the range of $2.18 to $2.20, it can be determined whether XRP will resume falling and break below $2.
Featured images from Unsplash, charts for TradingView
