Bearish Trend Suggests Potential Decline to $2.00

Global economic tensions are having a notable impact on the cryptocurrency landscape, leading to substantial selling of XRP, particularly after its inability to sustain levels above $2.40.

The digital currency has developed a pronounced bearish head-and-shoulders formation in short-term charts, with heavy selling becoming evident as it approached critical resistance points.

Analysts are cautioning that if XRP falls below the crucial support level of $2.30, it could potentially lead to a steep drop down to around the $2.00 threshold.

Key Technical Analysis Insights:

• XRP created a distinct head-and-shoulders pattern after a rise to $2.411, subsequently decreasing by 3.38% to $2.330.
• There is a significant resistance at the $2.40 mark, with a surge in selling pressure observed.
• The support level at $2.345 faced multiple tests before it broke down during the hour of 13:00, with volume increasing by 23% compared to the 24-hour average.
• The price fell further from $2.341 to $2.329 during the trading hour’s finale, showing a 0.5% decline.
• A notable increase in volume was recorded at 13:35 as the price dropped from $2.345 to $2.337, with over 2.1 million in trading volume.
• Attempts to regain a level above $2.340 failed between 13:38 and 13:41, forming a lower high structure.
• Renewed selling pressure emerged between 13:47 and 13:50, driving XRP to session lows around $2.326, confirmed by elevated volume indicating distribution.