XRP price is down 35% from the YTD high: Will it rebound in April?

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

XRP price crashed in the first quarter, erasing some of the gains made in November when it jumped by almost 500%.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

XRP has entered a bear market after dropping over 35% from its January high. It was trading at $2.1564 on Tuesday, just above the crucial support level at $1.9120. XRP declined even after achieving several major milestones during the quarter. The most important Ripple news was the U.S. Securities and Exchange Commission’s decision to end its litigation.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The daily chart shows that XRP is at risk of a strong bearish breakdown. It has formed a head and shoulders pattern, with the neckline at $1.9117. This pattern is one of the most widely recognized bearish formations in technical analysis. Notably, this neckline aligns with the 50% Fibonacci retracement level.