Can XRP Price Survive the $1.30 Threat Before March Ends?
XRP price is testing the critical $1.30 neckline of a head-and-shoulders pattern, with conflicting signals suggesting a potential short squeeze or breakdown.Summary
The XRP price, trading around $1.31 on March 31, is positioned directly above the $1.30 neckline of a head-and-shoulders pattern, which projects an 18% breakdown target if it fails. Two main factors are influencing the outcome: aggressive short positioning and on-chain data. Derivatives data shows increasing short interest and deeply negative funding rates, which could trigger a short squeeze if XRP holds above $1.30, similar to a previous event on March 26. Furthermore, a bullish divergence is forming on the 4-hour RSI, suggesting improving momentum despite the lower price lows near the neckline.
On-chain metrics also support a potential bounce, as the supply held by short-term holders (speculative money) has declined to a two-week low of 0.55%. This reduction in 'fast hands' means less immediate selling pressure is available to drive the price below $1.30.
The key test is the $1.29-$1.30 zone on the 4-hour timeframe. A close above $1.30 would activate the bullish divergence and target a move toward $1.36 (the right shoulder). Conversely, a close below $1.29 confirms the breakdown, exposing lower support levels at $1.24 and $1.17.
(Source：BeInCrypto)