XRP’s Bullish Megaphone Crashes to $1.50 Support Amid 15% Weekly Plunge – Breakout or Bust?

The price of XRP has fallen by 15% weekly and is currently testing important support at 1.50. The megaphone pattern is being monitored by bulls, who fear a downside that may drive losses to $1.38.

XRP is trading at $1.60, following a loss of up to 14.88 percent in the seven days. According to CoinMarketCap, the token has declined by 2.08 in the past 24 hours. Bears are heading prices to a critical support zone which will determine the next big step.

This fall is a challenge to a bullish technical construct. Traders are observing $1.50. Any collapse would be problematic to XRP bulls.

Critical $1.50 Level Determines Pattern Validity

According to ChartNerdTA on X, the bullish megaphone has struck forecasted lows. To determine that wave 4 was complete, XRP will need to be at a 1.50. Without this supporting structure, everything would be absurd.

Source: ChartNerdTA 

Before wave 5 can grow, the pattern will need 1.50 to remain intact. A fall below it nullifies the bullish set-up. Then sellers would take control and force prices down.

ChartNerdTA cautioned that the structure has its reckoning. Bulls require urgent support at present levels.

Resistance and Support Zones Map Trading Range

AliCharts on X revealed major price levels of XRP. The resistance stands at 1.86; the support areas are 1.38 and 1.02.

Source: Alicharts 

The price action at this moment is going between these limits. The breach of less than 1.50 hastens the selling to 1.38. A decrease of that floor opens the way to $1.02.

The bulls are aiming at the resistance level of 1.86. The breakout above it is an indication of the resurgence of XRP. The token will have to gain ground again.

Market Weakness Pressures Token Performance

Extended crypto fragility supported the decrease of XRP. The movements of the token are not alone; several cryptocurrencies have been struck by selling pressure during the last seven days.

The megaphone formation is based on $1.50 being steady. Without this support, wave 5 cannot form. A failure would change the technical outlook altogether.

The next directional move is followed by tracking these levels by traders. Buyers need to hold onto $1.50 and the sellers challenge lower areas of support. The future sessions will define the survival of the bullish structure.

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