XRP has shown a decline, losing more than 5% despite positive news of a settlement with the SEC. This occurred contrary to the general cryptocurrency market growth.
Recent XRP Price Changes
XRP has struggled this past week, underperforming compared to major cryptocurrencies like Bitcoin, Ethereum, BNB, and SOL. XRP's price fell by 5% over the past seven days, with a significant 3.4% decrease in the last 24 hours, according to Coingecko. This decline interrupted XRP’s rally that began in March, following Ripple's agreement to pay part of the SEC fine.
Technical Analysis of XRP/USDT Chart
Analyzing the daily XRP/USDT chart reveals two concerning bearish patterns: a head and shoulders pattern and a descending triangle. Both suggest potential downside risks for XRP. The head and shoulders pattern could be invalidated if XRP breaks above $3. However, failing to hold the $2 support level may result in a 40% decline to $1.20.
Possible Scenarios for XRP's Future
A confirmed bearish pattern could signal a longer-term downturn. To alter the trend, XRP would need to quickly reclaim the $2.50 level and break above the upper triangle trendline, which could shift momentum towards buyers.
Despite positive settlement news with the SEC, XRP is facing significant headwinds. Technical indicators suggest further decline unless buyers execute a substantial strategy shift.
