XRP Bulls Must Defend $2 Support After Largest Price Drop Since 2022
XRP prices plummeted over 27% last week, marking its steepest decline since November 2022, per TradingView and CoinDesk. The sell-off has spotlighted the critical $1.95 support level.
A break below $1.95 could trigger deeper losses, as it forms the neckline of a head-and-shoulders (H&S) pattern. This bearish pattern has been developing since December, signaling a potential trend reversal.
The H&S pattern features three peaks, with the middle being the highest. A drop below the neckline indicates weakening demand and often leads to significant price declines.
If bulls fail to defend the $2 support, XRP could slide to 60 cents, a level that acted as strong resistance in 2023.
**Why 2SupportMatters∗∗The2SupportMatters∗∗The2 level has historically served as a demand zone. Its breach could confirm the H&S breakdown, accelerating selling pressure.
Investors are closely watching XRP’s price action. A recovery above $2 could stabilize the market, while a breakdown may lead to prolonged bearish momentum.
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