XRP News: Inverse Head and Shoulders Pattern Indicates Potential Bullish Trajectory

Cryptocurrency investors are keeping a close eye on XRP as its price chart reveals an interesting technical pattern that could hint at future price movements.

XRP Price Chart Flashes Inverse Head And Shoulders Pattern

XRP’s price has slipped by 4.7% in the past 24 hours, continuing a pattern of high volatility. Despite the decline, one popular analyst has identified an inverse head and shoulders pattern on XRP’s daily timeframe, which could indicate a potential bullish trajectory. The pattern has been developing since early March.

XRP Price Assessment and Outlook

XRP’s price charts are showing mixed signals, with the potential to test the $2 support level. Over the past four days, selling pressure has increased, and the altcoin’s legal victory did not significantly boost its bullish case. Traders should monitor both XRP and BTC trends to gauge if a bullish reversal is imminent. If BTC bounces higher, XRP could follow suit.

XRP Slides Over 12% In a Week as Network Engagement Plummets

With price momentum weakening and user engagement dropping, concerns are mounting over XRP’s ability to hold key support levels. The Directional Movement Index (DMI) is currently flashing strong bearish signals, with the Average Directional Index (ADX) surging to 47.14, suggesting a very strong downtrend is in play. Unless sentiment shifts quickly, the path of least resistance appears to remain to the downside.

Gemini Crypto Exchange Announces Rewards For XRP Users

Gemini, the crypto exchange founded by the Winklevoss twins, is promoting its previously launched XRP cashback program. This initiative allows eligible participants to earn rewards on their XRP transactions. On March 27, Tyler Winklevoss reminded the XRP community that they can earn rewards in the token whenever they use the Gemini Credit Card for purchases. The Gemini credit card, launched in partnership with Mastercard in 2021, allows users to choose cryptocurrencies from Bitcoin, Ethereum, XRP, and over 50 other digital assets for cashback.