XRP, Ripple’s native cryptocurrency, has seen a significant price decline this past week, underperforming other major cryptocurrencies like Bitcoin, Ethereum, Binance Coin (BNB), and Solana (SOL). As of today, XRP is trading around $2.37, having dropped over 5% in the last seven days and experiencing a further 3.4% slide within the last 24 hours, according to data from Coingecko. This decline follows XRP’s recent rally following news about Ripple’s settlement with the SEC. As part of this agreement, Ripple will pay $50 million of the original $125 million fine levied by the SEC and seeks to have the earlier injunction against them lifted by the court. 2023 marked a significant turning point in XRP’s trajectory as it experienced a rally following the news regarding the settlement with the SEC. 2023 also saw a substantial drop in trading volume for XRP, falling from over $4 billion to $2.9 billion, representing a decline of more than 39%. 2024 began with XRP’s price climbing as it reached its all-time high during early January. However, the past month has witnessed several price dips, and analysis of daily XRP/USDT chart reveals potentially bearish patterns such as a head and shoulders (H&S) formation and a descending triangle. These patterns suggest potential downside risks for XRP. A confirmed H&S pattern could signal a potential long-term downward trend. The current market structure raises caution for buyers. Should XRP fail to hold the $2 support level during its next price test, a potential 40% decline to around $1.20 is possible. Conversely, the $1.76 zone, which aligns with the 200-day moving average, may offer some support for buyers. It’s crucial for XRP to quickly regain momentum and surpass the upper triangle trendline resistance, a move that would signal a shift towards more positive sentiment.