XRP Slides Lower with Bearish Chart Suggesting $2.00 Support Level

XRP Under Pressure as Bearish Pattern Tests Key Support Levels

Cryptocurrency markets are feeling the strain from ongoing global economic uncertainty, and XRP is no exception. After failing to hold above the $2.40 resistance, XRP has encountered strong selling pressure, forming a bearish head-and-shoulders pattern on short-term charts.

High-volume selling surfaced during tests of key resistance points, signaling potential trouble ahead. Analysts including Ali Martinez caution that breaching the crucial $2.30 support could open the door to a further decline toward $2.00.

Technical Breakdown:

XRP peaked at $2.411 before dropping 3.38% to $2.330, establishing a head-and-shoulders formation.
The $2.40 level acted as a significant resistance, met with elevated selling volume.
Support near $2.345 was tested multiple times before breaking in early afternoon trading, accompanied by a 23% surge in volume over the 24-hour average.
In the last trading hour, XRP’s price declined modestly from $2.341 to $2.329, a 0.5% dip.
Around 13:35, volume spiked above 2.1 million as price dropped sharply from $2.345 to $2.337.
Failed recovery attempts above $2.340 between 13:38 and 13:41 formed a lower high pattern.
Renewed selling between 13:47 and 13:50 pushed XRP to session lows near $2.326 with high volume confirming distribution activity.

Facing these technical challenges amid broader economic headwinds and an upcoming token unlock, XRP’s path forward appears fragile as traders watch for decisive moves.