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    Home»CoinDesk Indices»XRP Bulls Need to Defend Support Near $2 After the Largest Price Drop Since November 2022
    CoinDesk Indices

    XRP Bulls Need to Defend Support Near $2 After the Largest Price Drop Since November 2022

    Token FlashBy Token FlashMarch 10, 2025No Comments1 Min Read

    Prices for XRP, the payments-focused cryptocurrency used by Ripple to facilitate cross-border transactions, plummeted over 27% in the week ended March 9, marking its largest weekly percentage decline since November 2022, according to data source TradingView and CoinDesk.

    The sell-off has brought attention to $1.95, key support, which, if breached, could lead to more profound losses.

    The level has served as a demand zone while forming a head-and-shoulders (H&S) topping pattern, which has been developing since December. The H&S pattern comprises three peaks, with the middle being the highest and a horizontal demand zone, called the neckline, identified by a trendline connecting the base of the three peaks.

    A break below the neckline signifies weakness in demand and a bullish-to-bearish trend change in the market, often yielding deeper losses equal to the gap between the neckline and the middle peak.

    The bulls, therefore, need to defend the support near $2, failing which will trigger the H&S breakdown, opening doors for a slide to 60 cents, the level that acted as stiff resistance last year.

    XRP's daily chart. (TradingView/CoinDesk)

    XRP’s daily chart. (TradingView/CoinDesk)


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