XRP’s price is at risk of further downward movement in the near term, with technical indicators pointing to continued selling pressure. The daily chart reveals that XRP has dropped below its 50-day and 100-day moving averages, signaling a bearish trend and reinforcing sellers’ dominance in the market.
Additionally, XRP has formed a classic head and shoulders pattern, a well-known bearish structure consisting of two shoulders, a head, and a neckline. The price has now reached the slanted neckline, aligning with a strong pivot reversal in the Murrey Math Lines, further supporting the likelihood of a breakdown.
If this bearish scenario plays out, XRP could slide toward the next key support level at $1.79, which marks the lowest swing point this month. A break below this level may open the door for further declines, with the next critical support at $1.6130, aligning with the 61.8% Fibonacci retracement level.
However, this bearish outlook could be invalidated if XRP manages to regain momentum and break above the weak stop-and-reverse level at $2.735, which would signal potential bullish recovery.