XRP Faces Critical Support Test Amid Bearish Momentum and Market Uncertainty
XRP is under pressure as it struggles to maintain momentum above $2.40, weighed down by global economic uncertainties and upcoming token unlocks. The digital asset has formed a bearish head-and-shoulders pattern on short-term charts, accompanied by heavy selling volume at key resistance levels.
Analysts, including Ali Martinez, warn that a breach of the crucial $2.30 support could trigger a sharp fall toward the $2.00 level.
Key Technical Points:
- XRP rallied to $2.411 before sliding 3.38% to $2.330, completing a bearish head-and-shoulders pattern.
- The $2.40 resistance held firm amid increased selling pressure.
- Support at $2.345 was tested repeatedly and finally broken during the early afternoon session, with volume surging 23% above average.
- In the final trading hour, XRP declined from $2.341 to $2.329, a 0.5% drop.
- A volume spike of over 2.1 million coincided with a sharp price drop from $2.345 to $2.337 around 13:35.
- Attempts to climb back above $2.340 failed, creating a lower high pattern.
- Renewed selling late in the session pushed XRP to lows near $2.326, confirming continued distribution.
As XRP approaches critical technical levels, traders remain cautious amid broader market pressures and looming token unlock events.
