Can XRP Survive the Bearish Hug of Death? 🐻📉

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Dear Reader, behold the tale of XRP:

  • Our hero, XRP, stands at the precipice of fate, teetering on the edge of a head-and-shoulders topping pattern. Can it hold on to the support of $1.07, or will it succumb to the bearish embrace?
  • A break below the neckline could spell doom, signaling a shift from bullish optimism to bearish despair, with prices potentially halved to $1.07. 🙈
  • For the bulls to triumph, they must rally XRP above $3, overcoming the lower high set in early March. Will they muster the strength?

Amidst tariffs-led risk-off, XRP finds itself in a perilous position, trading close to the support zone near $2. This level holds the key to confirming a significant topping pattern and the beginning of a renewed downtrend.

Let us consider the ominous head-and-shoulders pattern, with three peaks, the middle towering above the others. The neckline, a horizontal line drawn from the base of these peaks, marks the critical demand zone.

In XRP’s case, the $1.90-$2 range has served as this demand zone since January. Should prices fall below this level, the H&S breakdown will be triggered, confirming a shift from bull to bear.

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Should a breakdown occur, prices may plummet to $1.07, according to seasoned analyst and trader Peter Brandt. Using the measure move method, chart analysts determine targets by calculating the distance from the top of the head to the neckline and subtracting that distance from the breakdown point, in this case, $2.

To the upside, $3, the lower high created in early March, remains the level to conquer for the bulls. Will they rise to the challenge, or will they wilt under pressure? Only time will tell…

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2025-04-03 08:43