👀 XRP: The "Head and Shoulders" pattern indicates a drop to $2
The XRP rally may be coming to an end — a classic reversal pattern is forming on the 4-hour chart, and trader interest in futures is rapidly declining. What does this mean for the price?
➡️ Technical Signal: "Head and Shoulders"
🟡 The pattern has formed since May 9 — three peaks, with the central one higher than the two lateral ones.
🟡 The break of the neckline at $2.33 confirmed the reversal signal.
🟡 The first target is $2.25 (200-day moving average), and the second is $2.00 (a 14% drop from the current level).
If the price fails to hold above $2.30, a wave of selling is expected — warns analyst Egrag Crypto. In this case, XRP could drop to $2.15, and then perhaps even to $1.60.
➡️ Alarm in Futures
🟡 In the last 5 days, open interest in XRP has decreased by $1 billion (-18%).
🟡 $12 million in long positions were liquidated in 24 hours — nearly 10 times more than short positions.
🟡 Trading volume increased by 70%, while the price fell by 3% — a concerning signal: sellers are becoming more active.
📌 Conclusion: XRP is on the verge of a reversal — the "head and shoulders" pattern has been technically completed, and the market shows signs of weakness. If the bulls fail to push the price above $2.30, the next key support level is $2.00.
