XRP News Today: XRP Plummets 3.38% as Bearish Pattern Emerges

XRP, the digital asset, has been experiencing significant selling pressure due to global economic uncertainties. The asset failed to maintain momentum above $2.40, leading to a notable decline. This downward trend is further exacerbated by the formation of a bearish head-and-shoulders pattern on short-term charts, which has historically indicated a potential for further price declines. The pattern emerged as high-volume selling occurred precisely when XRP tested key resistance levels, suggesting a lack of buyer interest at these price points.

According to multiple analysts, including Ali Martinez, the loss of the critical $2.30 support level could trigger a substantial decline toward the $2.00 mark. This bearish outlook is supported by the technical analysis, which highlights several key points. XRP rallied to a peak of $2.411 before declining 3.38% to $2.330, forming a distinct head-and-shoulders pattern. Significant resistance was established at the $2.40 level, with high-volume selling pressure preventing the asset from breaking through. Support at $2.345 was tested multiple times before breaking during the 13:00 hour, with volume surging 23% above the 24-hour average. This break in support led to a price decline from $2.341 to $2.329 in the last hour of trading, representing a 0.5% drop. A significant volume spike occurred at 13:35 when the price plummeted from $2.345 to $2.337, accompanied by over 2.1 million in volume. Multiple failed attempts to recover above $2.340 between 13:38-13:41 created a lower high pattern, further confirming the bearish sentiment. Renewed selling pressure emerged at 13:47-13:50, driving XRP to session lows near $2.326 with elevated volume confirming distribution.

The bearish chart pattern and the subsequent selling pressure have raised concerns among investors and analysts alike. The failure to maintain key support levels and the formation of a head-and-shoulders pattern suggest that XRP may continue to decline in the near term. According to the analyst's forecast, if the $2.30 support level is breached, the asset could potentially drop to $2.00, marking a significant decline from its recent highs. This bearish outlook is further supported by the high-volume selling pressure observed at key resistance levels, indicating a lack of buyer interest and a potential for further price declines.