- Crypto market dips; Ethereum down 4%, Bitcoin down 2%, Solana and DOGE fall 7–8%.
- XRP trades around $2.13, chart mimics 2017 pattern before historic Bullish rally.
- A break above $2.31 may suggest a bullish shift, but the trend remains bearish for now.
The crypto market is down today, with major coins in the red. Ethereum (ETH) has dropped by 4%, while Bitcoin (BTC) is down by around 2%. Other popular altcoins like Solana (SOL) and Dogecoin (DOGE) have taken bigger hits, recording losses between 7% and 8%.
As for XRP, it’s currently trading at around $2.13. While it’s also down, something interesting is happening on its chart.
XRP’s Chart Resembles Its 2017 Pattern
A similarity is emerging between XRP’s current price behavior and its performance in 2017. Back then, XRP consolidated within a narrow range for 210 days (30 weekly bars) before a dramatic surge took it from approximately $0.60 to over $3.30.
In the current market, XRP has been consolidating for 182 days (26 weekly bars), with the price hovering near $2.20. The chart structure appears strikingly similar to the 2017 setup, raising expectations for a possible breakout if the pattern continues in the same manner.
Recent Price Action and Market Reaction
Between May 30 and 31, XRP experienced unexpected selling pressure, reversing the gains and pushing the price down. It eventually hit the 227% Fibonacci extension at $2.12—a common target for the internal third wave of a corrective structure.
The overall crypto market sentiment also played a role. For the first time in weeks, Bitcoin fell below a key trend line, signaling weakness across the market. As a result, XRP struggled to maintain its gains.
For the weekend, a resistance zone between $2.16 and $2.23 has been identified. If XRP remains below this area, the downward pressure is expected to continue. A strong, impulsive break above this range could suggest that a local bottom is in. XRP could find strong support between $2.15 and $2.05. A break above $2.31 would signal a possible shift in structure, but for now, the bearish trend remains in play.
Related: Why the Crypto Market is Down Today: Trade Fears, Liquidations, and Technical Weakness
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