The XRP currency appears in a critical position after its failure to maintain the positive momentum it achieved during May. After approaching the level of $ 2.60, the currency returned to gradually inspect its power, and approached the fracture of the support level of $ 2.10, which reflects the increasing dominance of the sellers amid technical indicators that beats the alarm.
The head and shoulders pattern confirms the reflection of the direction
One of the most anxious artistic signals is the formation of the head and shoulders style on the daily chart, a classic pattern that usually indicates a declining reflection in the price direction, and this style began to form in late April with the price reached $ 2.26, forcing the left shoulder, then the currency rose to above 2.60 dollars in mid -May to form the head, before declining about $ 2.27 in June to form The right shoulder.
The most anxious thing is to break the price for the neckline at $ 2.18, which led to the decline of XRP to the level of $ 2.07, and this fracture did not come from a vacuum, but was accompanied by a rise in trading volume, which gives additional credibility to the negative signal.
Moving averages reject attempts to recover
XRP attempts to recover collided with a strong technical obstacle at the resistance range between $ 2.18 and $ 2.20, which previously represented important support before it is broken, and the currency continues to trade without both moving average for 9 days (at $ 2.1877) and 50 days (at $ 2.2649), which reflects a structural weakness in the short -term direction.
Even with the currency registered a slight increase of 2.6% in the last 24 hours, and its reaches again to the resistance level at $ 2.18, but this bounce came amid a significant decline in the trading volume of 48.14%, which raises doubts about its strength and continuity.
Where does the price of XRP go?
As long as the price continues to stay below the neckline and the range of resistance, expectations tend to further landing, and according to the technical measurement of the head and shoulders pattern, the price may go to levels ranging between 1.85 and $ 1.80, which did not show buyers a real force to pay the price above the resistance.
The coming hours will be decisive in determining the next path of the currency. If XRP fails to exceed the level of $ 2.20 strongly, we may witness a new decline towards below $ 2, which is a very important psychological and technical level of market morale.
