Fun

XRP Price Risks Plummeting Below $2 As Sellers Take Control

News Feed - 2025-06-08 04:06:50

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.


XRP is currently showing signs of vulnerability as its recent price action is becoming increasingly bearish. After attempting to reclaim upside momentum above $ 2.60 in May, the cryptocurrency has struggled to maintain this run, and its price action over the past few days has brought it close to losingthe $2.10 price level.


Notably, the price action has resulted in the formation of a head and shoulders pattern on the daily candlestick chart. This might be the final straw that finally sends the XRP price plummetingbelow $2. Related Reading Bitcoin Scarcity May Spark Explosive Surge, Bank Study Shows 2 days ago XRP Breaks Head And Shoulders Neckline


As identified bya crypto analyst on the social media platform X, XRP has now printed a classic head and shoulders formation, with clearly defined symmetry between the left shoulder, head, and right shoulder. The head and shoulders formation began taking shape in late April, when the price climbed to $2.26 to become the left shoulder of the pattern. In early to mid-May, XRP surged above$2.60 to create the head of the formation and what appeared at the time to be a resumption of strong bullish momentum. 


The rally lost steam soon after reaching that May peak, and the price began to retreat once again. By June 3, XRP made another attemptto push higher, reaching $2.27 in what is the formation of the right shoulder. However, this push wasn’t enough, and the ensuing price action has seen sellers gradually fighting for control. XRP is currently trading at $2.17. Chart: TradingView


The head and shoulders pattern, which is often associated with trend reversals, became more concerning once XRP broke below the neckline around the $2.18 level to reach as low as $2.07 on July 6. Interestingly, the breakdown below the neckline was accompanied by increased volume, which provided additional confirmation of the bearish signal.


EMA Rejections For XRP: What’s Next?


Now that XRP has broken beneath the neckline, the $2.18 to $2.20 zone is beginning to flip into a firm resistance barrier for any attempt at recovery. The daily candlestick chart shows XRP continuing to trade below both the 9-day EMA and the 50-day SMA, which currently stand at $2.1877 and $2.2649 respectively.


Despite a modest recoveryover the past 24 hours, XRP has repeatedly failed to break back above the 9-day EMA since the neckline breakdown, showing persistent weakness in the short-term structure. 


As long as XRP is trapped beneath the neckline and the EMA/SMA resistance cluster, the prevailing structure continues to favor a downward extension. Based on the head and shoulders setup, a measured move from the neckline breakdown projects a decline toward the $1.85 to $1.80 range.  Related Reading Bitcoin Network Activity Booming Despite A Quiet Market—Data 1 day ago


At the time of writing, XRP now finds itself trading at the neckline resistance again at $2.18 after a 2.6% increase in the past 24 hours from $2.13. However, the strength of this bounce is questionable, as it has occurred alongside a sharp 48.14% drop in trading volume. The next 24 hours will be important, as price behavior around the $2.18 to $2.20 range could determine whether XRP resumes its descent and break below $2.


Featured image from Unsplash, chart from TradingView

News Feed

DOGE Government Website Is Live, Could Presales Like Solaxy Use the Opportunity to Soar?
Day Two of the Trump administration and the DOGE (Department of Government Efficiency) website is up and running. Only time will tell if DOGE actually accomplishes anything. The big idea behind it is to find savings and
German gov’t transfers another $52M in Bitcoin, threatening more BTC selling pressure
Zoltan Vardai11 hours agoGerman gov’t transfers another $52M in Bitcoin, threatening more BTC selling pressureRepeated Bitcoin transfers to centralized exchanges suggest the government plans to sell its $2.75 billion i
Savannah Fortis10 hours agoGerman parliament member ’staunch opponent’ of digital euro, all in on BitcoinEuropean Union lawmakers anticipate the arrival of the digital euro, but German politician Joana Cotar is pushi
Australian Government Says It Is Working to Ensure ‘Regulation of Crypto Assets Protects Consumers’
Australian Government Says It Is Working to Ensure "Regulation of Crypto Assets Protects Consumers" The Australian government has said it will take steps to ensure the “regul
Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst
Este artículo también está disponible en español. Solana recently broke its yearly high at $210, sparking a surge in trading activity as the altcoin now attempts to conso
Elon Musk Says Starlink Will Not Censor Russian News Sources Despite Government Requests
Elon Musk Says Starlink Will Not Censor Russian News Sources Despite Government Requests Spacex CEO Elon Musk says that Starlink has been told by some governments to block Russian
Alice Ivey10 hours agoWhat are large language models, and how to deploy them?Explore the world of large language models and AI wonders designed to comprehend and generate human-like text.410 Total views13 Total sharesLis
Shiba Inu Testing A Significant Support Zone – Bullish Breakout Ahead?
Este artículo también está disponible en español. Shiba Inu has faced consistent bearish price action, with its value dropping over 44% since reaching a local high in ear
Virgin Galactic’s Chamath Palihapitiya: Bitcoin Could Go to $1 Million, Everybody Should Own Some
Virgin Galactic"s Chamath Palihapitiya: Bitcoin Could Go to $1 Million, Everybody Should Own Some Virgin Galactic Chairman Chamath Palihapitiya has shared his bitcoin investment
Sorare Partners With NBA to Build a Licensed NFT Game
Sorare Partners With NBA to Build a Licensed NFT Game Sorare, a French fantasy game startup, reached an agreement with the National Basketball Association (NBA) to build a non-fung
Swiss regulator forces crypto-friendly FlowBank into bankruptcy
Brayden Lindrea8 hours agoSwiss regulator forces crypto-friendly FlowBank into bankruptcyThe Switzerland-based bank reportedly had ties to the TrueUSD stablecoin issuer, Techteryx, crypto asset manager CoinShares and Bin
Mt. Gox repayments won’t be as bad for Bitcoin as you think
Tom Mitchelhill6 hours agoMt. Gox repayments won’t be as bad for Bitcoin as you thinkThe nearly $9 billion in Mt. Gox creditor repayments starting in July may not kick down the price of Bitcoin, but analysts say they c