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XRP looked like it was headed straight for trouble as the infamous head and shoulders pattern had formed - a classic signal of an incoming price collapse. A break below the neckline at $2 could have meant a fall, possibly down to $1.50.
For a moment, it seemed like that scenario was playing out. The price slipped below $2, touching a critical level. But then, something changed. Buyers stepped in, and suddenly, the bearish outlook was not so certain anymore.
Arman ShirinyanNow, XRP is back above $2, trading at $2.20, to be exact. The neckline did not give way but held firm, and that could be a turning point. If the support continues to hold, XRP might have room to push higher.
The next resistance zone sits between $2.39 and $2.58, where both the 23-day and 50-day moving averages are lining up. Getting past that would give bulls more confidence, but the risk of another dip has not disappeared just yet.
XRP ETF roller coaster
Meanwhile, the cryptocurrency space is all in on the altcoin ETF buzz, and XRP is right in the middle of it. Recently another big player, Franklin Templeton, just threw its name into the mix, filing for an XRP ETF.
Alex DovbnyaThat alone could have been a boost for sentiment. But right after the news broke, the SEC threw cold water on the excitement. The regulator delayed decisions on several ETF applications, including XRP’s.
Experts say it is tied to the wait for Paul Atkins to be confirmed as SEC head, which means no final word on ETFs until at least April 4, 2025.
So, what’s next? XRP’s move above $2 suggests buyers are still in control, at least for now. But the 200-day moving average at $1.63 remains a factor, pulling in the price like a magnet. If bullish momentum fades, another test of lower levels is not off the table.
Dan Burgin
Vladislav Sopov