XRP Bulls Must Protect $2 Support After Significant Price Drop

XRP, the cryptocurrency utilized by Ripple, saw a 27% plummet in the week ending March 9, marking its most significant weekly decline since November 2022, according to data from TradingView and CoinDesk.

The sharp sell-off has highlighted the crucial $1.95 support level, which, if broken, could lead to substantial further declines.

Key Insights:

• If XRP breaks below $2 support, it may trigger a bearish reversal pattern, leading to deeper losses.
• A head-and-shoulders topping pattern has been forming, establishing this vital support level since December.

To prevent further decline, the bulls must defend this support; a failure to do so could open the doors for a fall to 60 cents, a level that previously served as strong resistance last year.