XRP, the cryptocurrency used by Ripple for cross-border transactions, saw a dramatic 27% price drop in the week ending March 9. This decline marks the largest weekly percentage drop since November 2022. The price has now reached a critical support level near $2. If this support fails, XRP could see even deeper losses. Since December, the price has been forming a head-and-shoulders (H&S) topping pattern, with three peaks and a horizontal demand zone known as the neckline. A break below this neckline could signal a shift from a bullish to a bearish market trend, potentially driving the price down to 60 cents, a level that previously acted as strong resistance.
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