The recent consolidation in XRP price has created a bearish setup that could lead to double-digit correction should a key support level fail. This outlook fits with the crypto market pessimism observed over the past few weeks. Let’s explore XRP price prediction for today and key levels to watch as Bitcoin holds $82K.
XRP price today trades at $2.02 after dropping 5.35% on April 2. With a market cap of $117 billion as of April 3, will the token bounce from here or crash lower?
XRP’s Head And Shoulders Setup Hints Double-Digit Correction
On the daily chart, the XRP price shows the formation of a clear head-and-shoulders setup. This pattern hints at correction if the key neckline is breached. For Ripple (XRP), this level is $2. A breakdown of this level will complete the pattern and predict a 38% correction for XRP price to $1.23.
The XRP price prediction for today is slightly bearish, assuming the aforementioned level is breached. But will the token fall below this key level? The crypto market outlook also looks bleak with Bitcoin price holding above $82K.
XRP Technical Analysis
The four-hour chart shows the consolidation since December 2, 2024, has created a value area that extends from $2.11 to $2.60. The highest volume for this area was traded at $2.40, making it a key resistance level.
If XRP price defends the selling climax at $1.95, it will be the first sign of a bullish outlook.
The second bullish signal will come if Ripple’s value establishes a support above $2.11, which is the value area’s range low. This development could provide a decent long trade setup, where XRP price could rally 13% until it encounters the critcal resistance level at $2.40. If buyers stay strong, the token could extend up to $2.60, which is the value area’s range high.
On the other hand, a breakdown of this level will confirm the bearish outlook emphasized by the head-and-shoulders pattern. Such a scenario will see XRP price revisit $1.23 support level.
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