Fun

XRP Price Chart Signals Trouble – Is A Drop To $1.20 Possible?

News Feed - 2025-03-09 07:03:40

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español.


The price of XRP has recorded a significant downtrend in the last 24 hours, declining by almost 5% according to data from CoinMarketCap. Amidst this price fall, renowned market analyst Ali Martinez has stated there is a strong bearish pattern forming on the XRP price chart signaling further price drops ahead. Related Reading XRP Could Start An Explosive Move To $33 Within 28 Days, Says Analyst 4 days ago XRP Faces Bearish Breakdown As Head-And-Shoulders Pattern Emerges


Over the last week,  XRP investors havewitnessed both sides of the crypto market volatility after a spontaneous 30% surge to $3.00 was followed by a bearish price action of almost equal strength. Currently, XRP trades at around $2.30 in a downtrend signaling a dominant selling pressure.


Commenting on the current state of the market,  Ali Martinez stated that XRP’s price action on its daily chart is forming a head-and-shoulders pattern suggesting an incoming heavy price fall. For context, the head-and-shoulders pattern is a common reversal signal, that appears at the peak of an uptrend before a significant downtrend begins. Source: @ali_charts on X


This bearish formation starts with the left shoulder which is an initial price peak followed by a moderate pullback. This can be seen with XRP’s price action in late 2024 after it surged to around $2.70 in early December before the general market correction. Thereafter, there is the head component which represents a higher price peak i.e. the current local market top at $3.40, followed by another decline.


Finally, the head and shoulders pattern is completed by the right shoulder formed by XRP’s choppy price action in the last week. The altcoin is now on a downtrend putting many traders on alert for a potential substantial price crash.


However, despite the head-and-shoulders pattern, a bearish signal can only be confirmed when XRP breaks decisively below the neckline at $2.20. In this case, Martinez warns the crypto asset could fall as low as $1.20, representing a potential 50% fall from XRP’s local highs seen in February.


In neutralizing this bearish projection, XRP bulls must provide enough market demand to push the coin past the right shoulder peak of $3.00, signaling momentum for a prolonged price uptrend. XRP Market Overview


At press time, XRP trades at $2.34 following a 4.56% decline in the last 24 hours. However, its weekly chart reflects gains of 9.44% pushing the asset into minor monthly gains of 0.34%.  The fourth largest cryptocurrency has recently dipped below its 100-day Simple Moving Average correlating with fears of a sustained price fall. However, the XRP community remains largely bullish according to CoinMarketCap data.


Related Reading: Bitcoin Price Forecast: LTF Head And Shoulders Pattern Predicts Crash – Here’s The Target XRP trading at $2.3379 on the daily chart | Source: XRPUSDT chart on Tradingview.com Featured image from Bitcoin Sistemi, chart on Tradingview

News Feed

European Blockchain Ecosystem Needs €350 Million for the Next 18 Months
European Blockchain Ecosystem Needs €350 Million for the Next 18 MonthsA study report by Leadblock Partners, an appointed representative of Sapia Partners LLP, finds an accelerati
Ezra Reguerra14 hours ago‘XRP is not a security. Period’ — Crypto lawyers on Ripple’s case amid SEC appealLawyer Oscar Franklin Tan believes that if the appeal is allowed, whoever wins will build momentum in the
Binance Acquires Licensed Japanese Crypto Exchange — Prepares to Enter Japan as Regulated Entity
Binance Acquires Licensed Japanese Crypto Exchange — Prepares to Enter Japan as Regulated Entity Cryptocurrency exchange Binance has acquired a regulated Japanese cryptocurrency
Pocket Network Advances Its Multichain Strategy With Latest Milestone
Pocket Network Advances Its Multichain Strategy With Latest Milestone press release PRESS RELEASE.TAMPA, Fla., June 27, 2022 /— Pocket Network, an infrastructure middleware p
How to Invest in LuxFi – the Luxury Asset-Backed NFT Marketplace
How to Invest in LuxFi – the Luxury Asset-Backed NFT Marketplace sponsored For many people the luxury market is out of reach. However, with LuxFi, that is no longer the case. The
Rakesh Upadhyay7 hours agoPrice analysis 9/4: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TONBitcoin price is range-bound, but several major altcoins, such as XRP, are showing signs of a potential breakdown.3131 Total
David Attlee15 minutes agoEU data protection regulators urge anonymity for smaller transactions in digital euroThe European Data Protection Board and the European Data Protection Supervisor issued a joint opinion stateme
Brayden Lindrea6 hours agoMarathon Digital sees 670% revenue gain in Q3 as Bitcoin production surgesMarathon announced a 467% increase in Bitcoin production year-on-year in the third quarter, while hashrate rose over 400
Technical Analysis: LUNA, AVAX Lead Wednesday’s Crypto Rally
Technical Analysis: LUNA, AVAX Lead Wednesday’s Crypto Rally AVAX, and LUNA were some of the biggest gainers in crypto markets on Wednesday, as the recent bearish sentiment has m
Nayib Bukele Attributes Tourism Recovery in El Salvador to Bitcoin, Surf, and Crime Reduction
Nayib Bukele Attributes Tourism Recovery in El Salvador to Bitcoin, Surf, and Crime Reduction Nayib Bukele, the president of El Salvador, declared that the speedy recovery of touri
Swedish Regulators Call for EU Ban on Crypto Mining, Power Company Defends Industry
Swedish Regulators Call for EU Ban on Crypto Mining, Power Company Defends Industry Alarmed by the rising energy needs of cryptocurrency mining, Sweden’s financial and envir
December’s Top Crypto Picks: 8 Coins That Could Make You Rich
Este artículo también está disponible en español. Christmas is fast approaching, and if you want to hopefully give yourself something to ho ho ho about, then how about in