XRP Falls 15% in a Week, Tests $1.50 Megaphone Support — Breakout or Breakdown?
XRP has slid about 15% over the past seven days and is testing a critical support zone at $1.50. The decline challenges a bullish megaphone pattern that analysts (notably ChartNerdTA) said must hold $1.50 to validate wave 4 before a potential wave 5 advance. XRP trades near $1.60 after a weekly loss of up to 14.88% and a 24‑hour drop of ~2.1% (CoinMarketCap). Technical commentators map immediate resistance at $1.86 and lower supports at $1.38 and $1.02 (Alicharts). A breach below $1.50 could invalidate the bullish structure and accelerate selling toward $1.38 and then $1.02; holding $1.50 keeps the bullish scenario intact. Broader market weakness has pressured XRP alongside other tokens. Traders are watching these levels closely for the next directional move.
Bearish
The article describes a clear technical weakening: XRP lost ~15% in a week and is testing the $1.50 support that underpins a bullish megaphone/wave count. Chartists warn that a break below $1.50 would invalidate the bullish pattern and likely trigger further selling toward $1.38 and $1.02. Resistance is at $1.86, but momentum is to the downside amid broader crypto weakness. Historically, when altcoins breach key structure-defining supports (e.g., pattern invalidation), they often accelerate declines as stop-losses trigger and sentiment shifts to risk-off. Short term, traders should expect increased volatility and downside risk until $1.50 holds; a confirmed break would be bearish and could prompt further liquidations. Longer term, if $1.50 holds and macro/momentum conditions improve, the bullish pattern could resume and allow a recovery toward $1.86 and beyond. For now, probability skews toward downward continuation until bulls demonstrably defend $1.50 and reclaim resistance levels.