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- XRP faces a critical $2 level; a breakdown could trigger a 39% decline.
- On-chain data shows bullish sentiment, with long positions outnumbering shorts at key levels.
- XRP’s future depends on holding above $2 or facing a possible significant price drop.
Ripple Labs’ token — XRP, has taken a hit in recent weeks, losing significant value. While major assets like BTC and ETH are struggling, XRP’s next move could be crucial. With key levels at stake, traders are paying close attention to this altcoin’s every step.
A Bearish Head-and-Shoulder Pattern Forms
XRP’s chart is showing a bearish head-and-shoulders pattern. This technical formation often signals a reversal. Right now, the neckline for this pattern stands at $2. This level has been an important support point in the past. Historically, XRP has bounced back after testing this area. However, things are different this time. If the price falls below $2, the outlook could worsen. A daily close under $1.95 or $1.90 might trigger a significant drop.
Technical analysis suggests a potential 39% decline, bringing XRP to around $1.15. That would be a tough spot for investors. However, there’s another possible outcome. If XRP manages to stay above $2, the story could change. A rebound might occur, much like past cycles. The $2 level is critical now. Whether XRP holds or falls beneath this point will determine the next move.
On-Chain Metrics Show Bullish Sentiment
Despite the technical concerns, on-chain data presents a more optimistic view. According to Coinglass, bulls are currently in control. There’s a significant amount of long positions at $2.019. Traders have invested around $76 million, hoping the price won’t dip below this level. This shows strong support at that price.
At the same time, traders have placed $31.54 million worth of short positions at $2.142. While this signals some bearish bets, long positions outnumber short ones. This shows that bullish sentiment is still present. Long-term holders are also accumulating XRP. In the past 24 hours, $1.55 million worth of XRP has left exchanges, indicating potential buying pressure.
With these on-chain signals, there’s a chance for upside momentum. If the price can hold steady above $2, a recovery may be in the cards. For now, XRP’s future hangs in the balance. If the $2 level holds, there could be a rebound. Otherwise, a significant drop might follow. Both technical patterns and on-chain metrics point to different outcomes.
