In a tumultuous week for the cryptocurrency market, Ripple's recent partnership with Chipper Cash aimed at enhancing cross-border payments in Africa has been overshadowed by a bizarre television glitch that displayed the price of XRP at an astonishing $21,355. This incident, reported by APA, sparked confusion among investors, as the actual price of XRP remained stable, trading within a familiar four-month pattern. However, analysts warn that XRP is at a critical juncture, facing a potential breakdown that could further confirm its bearish trend.
Since December 2024, XRP has formed a head and shoulders pattern, a classic bearish signal that often precedes significant price declines. The current formation suggests that XRP is completing the right shoulder of this pattern, putting it at risk of breaking down from its neckline. Technical indicators paint a grim picture: the Relative Strength Index (RSI) has failed to surpass the 50 mark and is trending downward, while the Moving Average Convergence/Divergence (MACD) has also made a bearish cross, indicating negative momentum.
Should XRP break down, the nearest resistance levels are projected to be between $0.90 and $1.05. If the price follows the full height of the head and shoulders pattern, it could potentially drop to these levels. Long-term charts suggest that XRP has been operating within an ascending parallel channel since 2020, which many analysts interpret as a corrective phase. Notably, wave C of this channel has not reached the expected resistance, signaling further weakness.
According to analysts, if a breakdown occurs, XRP could descend to the channel's midline at $1.50. A fall below this midline might lead to a further drop to the support trend line at $0.60, raising alarms about the future of XRP in an already volatile market.
Meanwhile, Chainlink (LINK) has also faced significant challenges. After showing some signs of recovery on March 11, 2025, by creating higher lows and attempting a breakout, LINK's fortunes took a turn for the worse last week. The cryptocurrency broke down from its support trend line, invalidating the bullish formation that had seemed promising just days earlier. Currently, LINK is trapped within a descending parallel channel, which has seen its price decline since December 2024.
Despite a brief bounce at the channel's support trend line, LINK failed to maintain momentum, falling back after a rejection. Mixed signals from technical indicators add to the uncertainty. The RSI had previously shown a bullish divergence before the upward movement, but it has since broken its divergence trend line. Similarly, the MACD, which had been trending toward zero, failed to cross into positive territory.
Analysts predict that LINK will likely continue to decline in April, with the price expected to reach the wedge's support trend line at $9.60. The bearish wave count suggests that new lows could be on the horizon, particularly as LINK has also broken down from a short-term ascending support trend line. This invalidation of its bullish structure raises concerns about the cryptocurrency's ability to recover in the near term.
As if the situation couldn't get worse, Cardano (ADA) is also feeling the heat. The cryptocurrency is currently trading around $0.68, having lost more than 45% of its value since March 3, 2025. The broader crypto market is grappling with macroeconomic instability, which has exerted considerable pressure on altcoins like ADA. Recent data from Santiment indicates that whales offloaded nearly 200 million ADA throughout March, intensifying the downward pressure on the cryptocurrency.
ADA's recent price action has left it hovering near a crucial daily demand zone. Analysts warn that the next few trading sessions will be pivotal for Cardano. If bulls cannot defend this support zone, there is a strong possibility of a drop toward the $0.50 mark, a level not seen in months. Such a decline would indicate a deeper bearish trend, further exacerbated by the significant sell-off from large holders.
Top analyst Ali Martinez has highlighted the implications of this large-scale selling, noting that it typically signals a loss of confidence among major holders. As ADA struggles to maintain its footing, the next key level to watch is $0.62. A failure to hold above this level could lead to a sharp decline into the $0.57–$0.55 range, triggering panic selling in an already jittery market.
With the cryptocurrency market under pressure from various macroeconomic factors, including inflation fears and trade tensions, the outlook for XRP, LINK, and ADA remains uncertain. Investors are left wondering whether bulls can reclaim lost ground or if continued selling pressure will push these cryptocurrencies into deeper bearish territory. As April unfolds, all eyes will be on these digital assets to see if they can navigate through the storm and regain stability.
