XRP appeared ready for a breakout. A clean inverse head-and-shoulders pattern had formed, the neckline had been reached and bulls were eyeing a measured move toward $2.60.
However, less than 24 hours later, the momentum has already begun to slip, and the breakout may be invalid.
On July 7, market analyst Ali Martinez identified a textbook bullish reversal on the one-hour chart of XRP/USDT. The pattern, anchored by lows near $1.93 and a neckline at $2.30, offered a clear roadmap: break through the neckline, and Fibonacci targets up to $2.68 would come into play. XRP almost perfectly followed through, jumping to $2.32, but then stalled.
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The current four-hour chart, captured on July 8, shows price action stalling just above $2.27. Multiple attempts to hold the breakout level have failed. Momentum that once looked strong is now mixed at best.
The problem is not that XRP rejected it strongly; it is that the breakout lost steam without conviction. Bulls needed volume to step in and establish $2.30 as solid support. That did not happen. Instead, the price has moved sideways, and buyers appear reluctant to drive it higher.
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Right now, XRP is stuck in a range we have seen before. A confirmed move above $2.35 could revitalize the bullish setup, but if the price falls below that level, the pattern will have technically failed. If the price slides further, key support sits at $2.20 and $2.12, which is right around the right shoulder zone of the original setup.
Short-term traders are watching this zone closely. What looked like a breakout yesterday appears to be a fakeout. If the XRP price does not move soon, the next impulse could come from sellers.
Source: https://u.today/fakeout-of-summer-xrp-price-fails-major-bull-pattern