The price of XRP, a cryptocurrency used by Ripple for cross-border transactions, dropped by over 27% in the week ended March 9th, marking its largest weekly decline since November 2022. This decline has brought attention to the key support level of $1.95, and if this level is breached, it could lead to further losses. There is a head-and-shoulders topping pattern that has been forming since December, with the neckline identified as the demand zone. If the neckline is broken, it indicates a shift from a bullish to a bearish trend and could result in deeper losses. Bulls need to defend the support near $2 to prevent a breakdown, or else the price could potentially slide to 60 cents, which was a significant resistance level last year.



Other News from Today