XRP Rises for the First Time in a While, Despite "Head and Shoulders Pattern"

# XRP Rebounds 3% Today, Recovers Some Losses but Decline Uncertain XRP has risen 3% today, partially recovering from a 9% weekly decline, but analysts suggest it's too early to determine if the downward trend has ended. The Crypto Times reported on the 13th that XRP's market capitalization increased by 3.47% to $128 billion (₩185.85 trillion), showing signs of recovery. However, trading volume remains lackluster, with a 25% decrease over the past 24 hours. According to the Crypto Times, cryptocurrency analyst Hope Theory noted on social media platform X that a 'head and shoulders' pattern has emerged in XRP's chart. "This pattern remains valid and in effect," he said, indicating the potential for XRP prices to drop to $0.50 soon. In recent weeks, XRP has consistently struggled to break past the $2.60 resistance level, facing selling pressure. However, the Relative Strength Index (RSI) on the daily chart indicates that XRP is in an oversold condition, suggesting a potential rebound. Additionally, XRP's price appears to be bouncing off the $2.03 support level. Despite this, continued failure to overcome resistance could lead to further price declines. Hope Theory recalled his past predictions, saying, "I advised buying XRP below $0.50 and selling at the first target of $1. Then, I suggested re-entering at $1 and selling at $3.30," hinting at the potential repetition of XRP's sharp rise and fall pattern seen in 2018. Opinions on XRP's future price movements are divided. While some traders anticipate a rebound, others are bracing for further declines. One key factor influencing XRP's trajectory is the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). This long-standing legal battle has negatively impacted XRP prices. A victory for Ripple could lead to a significant price surge, but a loss may limit the upside potential. As of 4:30 AM KST on March 13, XRP is priced at $2.24 (₩3,252) according to CoinMarketCap.