XRP Price Risks Plummeting Below $2 As Sellers Take Control

XRP is currently showing signs of vulnerability as its recent price action is becoming increasingly bearish. The cryptocurrency has struggled to maintain its upside momentum above $2.60 in May, and its price action over the past few days has brought it close to losing the $2.10 price level. A head and shoulders pattern has formed on the daily candlestick chart, which might be the final straw that sends the XRP price plummeting below $2. The head and shoulders formation began taking shape in late April, with clearly defined symmetry between the left shoulder, head, and right shoulder. The rally lost steam soon after reaching the May peak, and the price began to retreat once again, with the ensuing price action seeing sellers gradually fighting for control. The head and shoulders pattern became more concerning once XRP broke below the neckline around the $2.18 level to reach as low as $2.07 on July 6. The breakdown below the neckline was accompanied by increased volume, which provided additional confirmation of the bearish signal. XRP has broken beneath the neckline, and the $2.18 to $2.20 zone is beginning to flip into a firm resistance barrier for any attempt at recovery. The daily candlestick chart shows XRP continuing to trade below both the 9-day EMA and the 50-day SMA, which currently stand at $2.1877 and $2.2649 respectively, indicating persistent weakness in the short-term structure. Based on the head and shoulders setup, a measured move from the neckline breakdown projects a decline toward the $1.85 to $1.80 range, and the next 24 hours will be important in determining whether XRP resumes its descent and breaks below $2.