Hello traders,
In today’s altcoin analysis, we’re taking a closer look at Ripple (XRP) on the daily timeframe. XRP is currently sitting at a crucial support level, and the technical structure is showing signs of potential weakness if this level breaks.
Key Technical Points:
• Head & Shoulders Pattern: Price is forming a textbook head and shoulders with price currently testing the neckline support.
• Critical Support Test: A breakdown from this neckline could trigger a move toward the descending channel support.
• High Timeframe Target: If support fails, the next major level to watch is around $0.49, which aligns with a key high timeframe support zone.
At this point, XRP is in a make-or-break position. Holding the neckline may result in a short-term bounce, but the broader structure remains bearish unless bulls reclaim higher levels with strength.
A confirmed breakdown with multiple candle closes below the neckline, especially on rising volume, will significantly increase the probability of further downside. For now, patience is key—wait for confirmation before positioning for the next major move.
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Free Alpha Group t.me/freetradingden
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
Unlock up-to $8,000 USDT in bonuses, only at Blofin - Link Below to start Trading.
partner.blofin.com/d/alchemisttrader
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.