Global markets are on edge amid threats of a 'Black Monday,' triggered by the US tariff announcement. This is negatively affecting the crypto markets, clearly reflected in the performance of Ethereum and XRP.
XRP at Critical Support
Recent data shows XRP is down over 4% on the day and sitting on a crucial support zone between $1.90 and $2.11. This critical level may determine the next major move for the cryptocurrency.
Technical Analysis of XRP
On the daily chart, XRP has printed a Head and Shoulders pattern, a bearish formation suggesting a potential trend reversal. Multiple rejections from the 50-day moving average are adding downward pressure.
Market Outlook Ahead
If XRP manages to hold the support level, it may attempt to recover towards the resistance zone at the 50-day MA around $2.35. However, with rising macroeconomic headwinds, this could become a decisive week for XRP.
Traders should keep a close watch on the $1.90 level, as a decisive breakdown below could open the door to deeper losses, while a bounce from here may indicate a short-term bottom.
