XRP Faces Critical Support Level Amid Tariff Concerns

According to CoinDesk, the payments-focused cryptocurrency XRP is trading near a crucial support zone around $2, a level that could confirm a significant topping pattern and signal a renewed downtrend. This pattern, known as the head-and-shoulders formation, consists of three peaks, with the middle peak being the highest. The neckline, a horizontal line drawn from the base of these peaks, marks the key demand zone for XRP. Since January, the $1.90-$2 range has served as this demand zone for XRP. A price movement below this range would trigger a breakdown of the head-and-shoulders pattern, indicating a shift from a bullish to a bearish trend. Veteran analyst and trader Peter Brandt suggests that a potential breakdown could see XRP's price nearly halve to $1.07. Chart analysts use the measure move method to identify targets, which involves calculating the distance from the top of the head to the neckline and subtracting that distance from the breakdown point, in this case, $2. On the upside, XRP bulls need to overcome the $3 level, which represents the lower high created in early March. This level is crucial for any potential bullish momentum. As the market navigates the risks associated with tariffs, XRP's price action remains closely watched by traders and analysts alike, with the $2 support level being a pivotal point for future movements.