XRP entered a bear market by falling to critical support levels with a pullback starting on Monday, indicating according to analysts that technical indicators suggest further price drops may be ahead.

With this drop, along with Bitcoin remaining below $100,000 signaling broader weakness in the cryptocurrency market. The crypto fear and greed index also fell to 38, entering the “fear” territory. The altcoin season index is also on a downward trend. Technical analysis warns that XRP’s price could drop further. The daily chart shows the price falling below the 50-day and 100-day moving averages, indicating sellers have control and the downward trend is continuing. Additionally, XRP has formed a head and shoulders pattern.

This formation, closely watched by market participants, typically signals a decline. Currently, XRP’s price has fallen below a steep neckline and aligning with Murrey Math Lines, pointing to a strong pivot reversal point. This suggests a significant breakdown is approaching. In the near future, XRP is predicted to drop to $1.79. Breaking below this level could trigger more selling pressure leading to further price declines. Additionally, the possibility of XRP retracing to the 61.8% Fibonacci retracement level, around $1.6130, is also considered. However, if XRP rises above $2.735, surpassing the weak stop-reverse level, the current downward trend is expected to be invalidated.