XRP's price is under scrutiny after a 5.1% decline. Let's examine the current price action and potential future scenarios.
Short-Term Analysis
On the 15-minute chart, XRP is fluctuating between $2.20 and $2.25, showing minor consolidation. The 1-hour chart reveals a downward trend, with XRP dropping from $2.35 to $2.22, indicating sustained selling pressure. On the 4-hour chart, a key resistance level has rejected XRP's price, reinforcing bearish sentiment.
Technical Indicators
A head-and-shoulders pattern has formed on the XRP chart, traditionally seen as a bearish reversal signal. A break below the neckline could lead to a sharp drop toward the $1.07 support zone, although buyers might step in, causing a rebound toward $2.50.
Forecast and Scenarios
In a bearish scenario, failure to break above $2.30 could lead to increased selling pressure. A drop below $2.20 could push XRP toward $2.00 and lower. However, holding above $2.20 and breaking $2.35 could drive XRP upwards towards $3.00, indicating a potential trend reversal.
XRP is at a critical juncture, and the next 24–48 hours will be pivotal in determining its direction. Traders should watch key support and resistance levels to confirm the next move.
