XRP, the fourth largest cryptocurrency by market capitalization, is forming a classic reversal pattern on its weekly chart, which, if validated, could have implications for its price.
According to Ali, a crypto analyst, XRP is shaping up with a head-and-shoulders on its weekly chart. This pattern spotlights the $2 support, with Ali noting that holding this support might be crucial.
A head-and-shoulders pattern predicts a bullish-to-bearish trend reversal. The pattern appears as a baseline with three peaks, with the outside two similar in height and the middle the highest. The pattern often signals that an upward trend might be nearing its end.
Ali shared a screenshot of the XRP/USDT weekly chart on Binance, highlighting the left shoulder, the head and the right shoulder. According to the price chart, XRP must hold the $2 support level to avoid a drop to $1.25.
The XRP bull run was initiated in early November 2024 and peaked at $3.39 in January 2025. Since then, XRP has ranged between $1.79 and $3.36.
At March's start, XRP saw a drop of 27.36% before bulls initiated a rebound. The recovery remains ongoing after XRP closed the past week in green, up 7.41%, per tradingview data.
At the time of writing, XRP was down 0.22% in the last 24 hours to $2.34. In the short term, the XRP price may be influenced by broader market moves and investor sentiment.
This week, all eyes will be on the Federal Reserve’s latest policy meeting on Wednesday, when officials will decide whether to lower interest rates. The Fed is widely expected to keep interest rates unchanged, with traders predicting a 99% chance of this happening.
In recent weeks, the broader crypto market has experienced selling pressure, dragged down by macroeconomic concerns.
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