Is the $XRP price pullback temporary?

$XRP price hovers near the 100 Exponential Moving Average (EMA) at $2.14 after testing the immediate support at $2.11 provided by the 50 EMA on the 8-hour chart below. This follows a reversal from Wednesday’s high of $2.30.

The Relative Strength Index (RSI) indicator’s position at 52.42, as it approaches the midline, reinforces the bearish sentiment. Beyond the 50 EMA support, the next critical level for XRP is $2.00, a significant anchor since March. April’s low, approximately $1.62, is another level to keep in mind in the coming days and weeks.

If $XRP price navigates the current challenges and reverses the trend upwards, an inverse head and shoulders pattern highlighted on the chart above could return in focus, projecting a 26% increase to $2.74. This target is determined by measuring the distance between the dotted line and the lowest point of the pattern’s head and then extrapolating above the breakout point.