The XRP price has recorded a tremendous extension in the past 24 hours, as it has decreased by approximately 5 % according to data from CoinMarketcap. In the midst of this low price, the famous market analyst Ali Martinez stated that there is a strong drop pattern formed on the XRP price scheme that indicates lower prices.
XRP faces a declining collapse with the appearance of the head and shoulder style
During the past week, XRP investors have seen both sides of the encryption market fluctuations after an automatic increase of 30 % to $ 3.00 by a declining price of approximately equal strength. Currently, XRP is trading about $ 2.30 in the declining direction, indicating a dominant sale pressure.
Comment on the current situation of the market, Ali Martinez I mentioned The XRP price on the daily chart is the formation of a head and shoulder pattern, which indicates a decrease in its heavy price. For context, the head and shoulder style is a common reflection signal, which appears at the height of the upward trend before starting the important downward trend.
This declining configuration begins with the left shoulder, which is the peak of a preliminary price, followed by a moderate decline. This can be seen with the price of XRP in late 2024 after its height to about $ 2.70 in early December before correction of the public market. After that, there is a head component that represents the peak of the highest price, that is, the current local market at $ 3.40, followed by another decrease.
Finally, the head and shoulders pattern is completed through the right shoulder that consists of the volatile XRP price movement last week. Altcoin is now in a declining direction that puts many traders on alert to destroy possible significant costs.
However, despite the head and shoulder style, a hill signal can only be confirmed when XRP is decisively broken below the neck line at $ 2.20. In this case, Martinez warns that encryption assets may decrease to $ 1.20, which is a potential decrease of 50 % of the highest local levels in XRP in February.
In neutralizing this landmark, XRP bulls should provide enough demand in the market to push the currency after the peak of the right shoulder of $ 3.00, indicating a long -term translation momentum.
Market Overview XRP
At the time of the press, XRP is trading at $ 2.34 after a decrease of 4.56 % over the past 24 hours. However, its weekly scheme reflects 9.44 % gains, which led the original to simple monthly gains of 0.34 %. The fourth largest encrypted currency recently decreased to less than its average simple moving average for 100 days with fears of a continuous price decrease. However, the XRP community is still largely optimistic according to Coinmarketca data.
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