XRP price has dropped to $2 in the past 24 hours. Risk of rupture below. Over the past few days, XRP has experienced the risk of slow bleeding, causing the price to compress into an interesting technical pattern on the 4-hour chart. This decline phase is in Sharp rally in late Aprilbut buyers are losing power now.
According to an interesting analysis by Crypto analysts on the TradingView platform, XRP may now face technical confirmation that could extend the crash to $1.7757.
Head and shoulder pattern signal price crash
Technical analyst Klejdicuni An outlined a well-defined Head and shoulder pattern on 4-hour chart of XRP/USDT. Analysts see this formation as a bearish signal, especially when it comes after a strong uptrend, as is here. The left shoulder formed during the XRP summary in late April to $2.19, followed by the higher peak at about $2.35, creating the head, and recently, the lower high formed the right shoulder.
When crypto analyst Klejdicuni analyzed, the neckline of this pattern was along the $2.13 to $2.14 area, which is an important support level to determine whether the pattern was confirmed or failed. The decisive decomposition under this neckline, especially as the volume increases, strongly imply Continue to collapse.
Downside target with $1.7757 as the entire bearish target
If XRP decisively closes with a neckline support of $2.13 close to $2.13, confirms the collapse of the head and shoulders, It hasthe next step is a series of bearish targets. According to Klejdicuni’s analysis, the first key level to watch is $2.0417. This area corresponds to a horizontal support cluster formed between April 16 and 22, with buyers intervening.
The next major goal is $1.9323, which doesn’t match the swing from April 10 and may attract some short-term buying activity. However, if bearish momentum persists and XRP fails to find huge demand around the region, the final downside target is $1.7757. This level represents a complete expected move derived from head high to the bottom of Little Uptrend in April.
At the time of writing, XRP traded at $2.09, down 4% and 8.31% in the past 24 hours and 7 days, respectively. This makes cryptocurrency Currently close The first key level of $2.0417.
The next major goal is $1.9323, which matches the swing from April 10, and is slightly below the $2 psychological level. This level may attract some short-term buying activity and prevent further collapse. However, if bearish momentum persists and XRP fails to find huge demand around the region, the ultimate downside target will focus at a price of $1.7757. This price level represents the full expected movement of the peak formed from the head. It also coincides with the rally base that led to the April uptrend.
Featured Images from Getty Images, TradingView.com Charts
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