XRP Tests Key Support Amid Bearish Pressure and Market Uncertainty
Global economic challenges continue to impact cryptocurrency markets, with XRP facing mounting selling pressure after failing to hold above the $2.40 level.
Technical charts reveal a bearish head-and-shoulders pattern forming on short-term timeframes, signaling potential downside risk. Notably, selling volume surged as XRP tested key resistance, raising concerns among analysts.
Ali Martinez and other experts caution that a break below critical support at $2.30 could prompt a sharp decline toward the $2.00 price level.
Technical Analysis Overview:
- XRP reached a high of $2.411 before retracing 3.38% to $2.330, forming a clear head-and-shoulders pattern.
- Strong resistance at $2.40 faced heavy selling volume.
- The $2.345 support was repeatedly tested and eventually breached during the 13:00 hour, with trading volume spiking 23% above the 24-hour average.
- Price slipped from $2.341 to $2.329 in the final hour of trading, a 0.5% drop.
- At 13:35, volume surged to over 2.1 million as price dropped sharply from $2.345 to $2.337.
- Attempts to reclaim $2.340 between 13:38 and 13:41 failed, creating a lower high formation.
- Renewed selling pressure between 13:47 and 13:50 pushed XRP to session lows near $2.326, with elevated volume confirming ongoing distribution.
As XRP approaches a critical juncture, traders remain cautious amid broader market uncertainties and upcoming token unlock events.
