Between March 4 and March 10, these large XRP holders offloaded roughly $838 million in positions. This significant sell-off reflects the ongoing bearish trend for XRP.

XRP price H&S pattern hints at $1.60 retest

On March 11, XRP’s 1-day chart closed below $2.05, which is the critical neckline of the daily head-and-shoulders pattern. This pattern has potentially strong bearish consequences when observed on a high time frame (HTF) chart.

Lower prices are likely if XRP fails to reclaim $2.05 as support, as illustrated in the chart above.

The immediate target zone for the XRP price remains between 0.5 and 0.618 Fibonacci retracement lines. Also known as the “golden zone,” the retest range lies between $1.90 and $1.60. The likelihood of retesting the 0.618 Fibonacci or $1.60 is high in the current bearish environment.

Failure to hold this range could lead to a retest of the long-term demand zone between $1.58 and $1.27.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.