XRP Price Faces Risk of Falling Below $2 Amid Bearish Trend

XRP's current price action indicates bearish trends, with struggles to maintain levels above $2.60 since May. Recent movements suggest it may drop below $2.10.

XRP Forms Head and Shoulders Pattern

XRP has formed a head and shoulders pattern on the daily chart, signaling a potential trend reversal.
The left shoulder was established in late April at $2.26, with the head formed by a peak above $2.60 in May.
Attempts to regain upward momentum have failed, leading to sellers gaining control.
On July 6, XRP fell below the neckline at $2.18, hitting lows around $2.07, confirming the bearish signal.

Resistance Levels and Future Outlook

The $2.18 to $2.20 zone is now resistance for any recovery attempts.
XRP trades below both the 9-day EMA ($2.1877) and the 50-day SMA ($2.2649).
A decline towards the $1.85 to $1.80 range is projected based on the head and shoulders setup.
Currently, XRP is at $2.18 after a 2.6% increase in 24 hours, but trading volume dropped by 48.14%, raising concerns about the strength of the bounce.

The next 24 hours will be critical as XRP's behavior around the $2.18 to $2.20 level could determine its movement below $2.