The price of XRP has registered a significant downward trend in the last 24 hours, with almost 5% conducted according to data from Coinmarketcap. In the midst of this price decrease, the renowned market analyst Ali Martinez stated that a strong bearish pattern has been formed on the XRP price diagram that falls further price.
XRP is confronted with bearish breakdown when the main and shoulder pattern comes forward
In the past week, XRP investors witnessed both sides of the crypto market volatility after a spontaneous increase from 30% to $ 3.00 was followed by a bearish price action of almost equal strength. XRP is currently trading around $ 2.30 in a downtrend that indicates a dominant sales pressure.
Ali Martinez commentary on the current state of the market, Ali Martinez stated The price promotion of XRP on its daily graph is a head and shoulder pattern that suggests an incoming heavy price drop. For the context, the main and shoulder pattern is a common reversing signal, which appears on the peak of an upward trend before a significant decrease starts.
This bearish formation starts with the left shoulder, which is an initial price peak, followed by a moderate withdrawal. This can be seen with the price action of XRP at the end of 2024 after it had risen to around $ 2.70 at the beginning of December before the general market correction. After that there is the main component that represents a higher price peak, ie the current local market top at $ 3.40, followed by a different decrease.
Finally, the main and shoulder pattern is completed by the right shoulder formed by XRP’s turbulent price action in the past week. The Altcoin is now on a downward trend, making many traders alert for a potential substantial price crash.
Despite the main and shoulder pattern, however, a bearish signal can only be confirmed when XRP decides under the neckline at $ 2.20. In this case, Martinez warns that the crypto -active could fall to $ 1.20, which represents a potential decrease of 50% of the local highlights of XRP that can be seen in February.
When neutralizing this Bearish projection, XRP bulls must offer sufficient market demand to push the coin past the $ 3.00 right shoulder peak, which signals a momentum for a long -term price recording.
XRP -Market overview
At the time of the press, XRP acts at $ 2.34 after a decrease of 4.56% in the last 24 hours. The weekly graph, however, reflects the win of 9.44% that it actively pushes into a small monthly profit of 0.34%. The fourth largest cryptocurrency has recently fallen under its 100-day simple advancing average that correlates with the fear of a persistent price decrease. However, the XRP community remains largely bullish according to the data from Coinmarketcap.
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