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XRP currently shows signs of weakness as recent price procedures are increasingly declining. After trying to restore the bullish momentum over $ 2.60 in May, the cryptocurrency struggled to maintain this range, and its work in prices during the past few days. Make it close to the loss Price level $ 2.10.
It is worth noting that the price procedure led to the formation of the head and shoulders pattern on the daily candle scheme. This may be the last straw that finally It sends a decrease in the XRP price Less than $ 2.
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XRP breaks the head and the shoulder neckline
As it was identified An analyst on the x social media platform, XRP has now printed a classic head and shoulder, with a clearly specific correspondence between the left shoulder, the head and the right shoulder. The formation of the head and shoulders began to crystallize in late April, when the price rose to $ 2.26 to the left shoulder of the pattern. Early to mid -May, XRP above 2.60 dollars to create the head of the training and what appeared at that time to be a resuming of strong bullish momentum.
The gathering lost the steam shortly after reaching the peak, and the price began to decline again. By June 3, XRP Make To pay up, reach $ 2.27 in what is the formation of the right shoulder. However, this batch was not sufficient, and the procedure that followed the sellers who gradually fight for control.
The head and shoulder pattern, which is often associated with the reflections of the direction, has become more important by just breaking the XRP below the neckline around the level of $ 2.18 to reach $ 2.07 on July 6. Interestingly, the collapse below the neckline was accompanied by an increase in size, providing additional confirmation of the vibrant sign.
Ema Rejects for XRP: What next?
Now that XRP broke under the neck line, the area started from 2.18 to $ 2.20 at a fixed resistance barrier for any healing attempt. XRP Daily Candlestick Plan is a continuation of trading without EMA for 9 days and SMA for 50 days, which is currently $ 2.1877 and $ 2.2649, respectively.
Although Modest Over the past 24 hours, XRP has repeatedly failed to return over EMA for 9 days since the collapse of the neckline, which indicates a constant weakness in The structure in the short term.
As long as XRP is besieged below the neckline and the EMA/SMA resistance set, the prevailing structure continues to prefer a declining extension. Based on the preparation of the head and shoulders, the size of the neck line is starting to decrease the range of $ 1.85 to $ 1.80.
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At the time of writing this report, XRP now finds that itself is trading when resisting the neckline again at $ 2.18 after an increase of 2.6 % over the past 24 hours of $ 2.13. However, the strength of this apostasy is questionable, as this occurred alongside a sharp decrease in trading volume by 48.14 %. The next 24 hours will be importantSince the price behavior of between $ 2.18 to $ 2.20 can specify whether XRP resumes its descent and breaks less than $ 2.
Distinctive image from Unsplash, tradingvief chart
