In the last 24 hours, the price of XRP dipped towards $2, with the potential to drop further. This ongoing decline follows a few days of gradual loss, forming a notable technical pattern on the 4-hour chart. The downturn comes after a rapid increase in late April, yet buyers seem to be weakening.
A crypto analyst on TradingView suggests that XRP might soon signal a drop to $1.7757.
Head And Shoulders Pattern Indicates Price Decline
Technical analyst KlejdiCuni identified a clear head and shoulders pattern on the XRP/USDT 4-hour chart. Analysts consider this formation a bearish indicator, especially following a strong uptrend, as seen recently. The left shoulder developed during XRP’s brief rise to $2.19 in late April, followed by a peak of $2.35 that established the head. Finally, a lower high formed the right shoulder.
At the time of KlejdiCuni’s analysis, the neckline of this pattern was between $2.13 and $2.14, acting as a critical support level that determines the pattern’s validity. A significant drop below this neckline, especially with high volume, would strongly indicate a continued decline.
Projected Downside Targets with $1.7757 as the Main Target
If XRP confirms the head and shoulders breakdown by decisively dropping below the neckline support near $2.13, it would lead to a series of bearish targets. According to KlejdiCuni’s analysis, the first significant level to watch is $2.0417, corresponding to a horizontal support zone where buyers previously stepped in between April 16 and 22.
The next important target is $1.9323, which corresponds with the swing low from April 10 and may draw some short-term buying. However, if the downward momentum continues and XRP doesn’t find substantial demand, the ultimate downside target could reach $1.7757, representing the full projected move derived from the head’s height down to the base of the recent uptrend in April.
Currently, XRP is trading at $2.09, a decrease of 4% and 8.31% over the last 24 hours and the past week, respectively. This positions the cryptocurrency near the first critical level of $2.0417.
The next major target is $1.9323, situated just below the $2 psychological mark and may initiate some short-term buying pressure to avert further declines. Nonetheless, if the negative momentum persists and XRP can’t establish significant buying interest in this area, the primary downside level of $1.7757 emerges, reflecting the complete projected move from the peak of the head formation and corresponding with the base of the April rally.
