We have a clear Head and Shoulders top formation on the daily chart:
📌 Head at ~$3.30
📌 Neckline at ~$2.00
📐 Pattern height: ~$1.30
After the neckline break, XRP/USD is now retesting the broken support zone (~$2.00–$2.05). Unless price reclaims this level convincingly, bearish continuation is the dominant scenario.
🧩 Measured Target Projection:
Neckline−Height=2.00−1.30= 0.70USD
🔍 Key Levels to Watch:
Resistance: ~$2.00–$2.05 (retest zone)
Intermediate Targets: ~$1.50, ~$1.20
Full Pattern Target: ~$0.70
⚠️ Risk Consideration: If XRP reclaims and holds above ~$2.05, the bearish thesis is invalidated.
Perspective: Unless a major bullish catalyst emerges, further downside is anticipated.
I’m actively building my trading analysis skills and sharing perspectives like this to engage with the community. I welcome any insights, feedback, or alternative views as I continue to refine my approach. Let’s learn and grow together.
#XRP #Ripple #Crypto #HeadAndShoulders #TechnicalAnalysis #Breakdown #Bearish #PriceAction #Trading
📌 Head at ~$3.30
📌 Neckline at ~$2.00
📐 Pattern height: ~$1.30
After the neckline break, XRP/USD is now retesting the broken support zone (~$2.00–$2.05). Unless price reclaims this level convincingly, bearish continuation is the dominant scenario.
🧩 Measured Target Projection:
Neckline−Height=2.00−1.30= 0.70USD
🔍 Key Levels to Watch:
Resistance: ~$2.00–$2.05 (retest zone)
Intermediate Targets: ~$1.50, ~$1.20
Full Pattern Target: ~$0.70
⚠️ Risk Consideration: If XRP reclaims and holds above ~$2.05, the bearish thesis is invalidated.
Perspective: Unless a major bullish catalyst emerges, further downside is anticipated.
I’m actively building my trading analysis skills and sharing perspectives like this to engage with the community. I welcome any insights, feedback, or alternative views as I continue to refine my approach. Let’s learn and grow together.
#XRP #Ripple #Crypto #HeadAndShoulders #TechnicalAnalysis #Breakdown #Bearish #PriceAction #Trading
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.