XRP is forming a head-and-shoulders pattern on the daily chart, raising the possibility it could slide to $1.

On April 21, blockchain outlet BeInCrypto reported that XRP was trading around $1.42, with a short-term consolidation move aligning with a bearish daily pattern.

The key support zone is $1.28 to $1.31. XRP formed a typical head-and-shoulders pattern with a left shoulder on Feb. 15, a head on March 17 and a right shoulder on April 17. Daily trading volume also fell as the right shoulder formed. If the daily close drops below $1.28, the pattern would be confirmed and XRP could fall first to $1.25 and then to $1, the report said.

An upside scenario also remains. The 14-day relative strength index is recovering in neutral territory after hitting a March high of 65, and the MACD histogram is staying in positive territory. Momentum is slowing, however. If the daily close ends above the $1.51 to $1.55 resistance zone, the head-and-shoulders pattern would be invalidated and the door would open to a retest of $1.61.

In the short term, the 4-hour chart points to $1.38 and $1.46 as pivot levels. XRP recently rose to $1.48 in a period of heightened volatility before pulling back, and it is now hovering near the Bollinger Bands midline around $1.43. The bands are narrowing again, and trading volume has steadily declined in the rangebound stretch. The relative strength index is near 50, while the MACD is in neutral territory after a weak bearish crossover.

If the 4-hour close ends above $1.46, it could climb back toward the $1.50 area. If it fails to reclaim $1.44, it would add weight to the view that the rebound to $1.39 was only short-covering rather than a sustained rise.

On the hourly chart, $1.44 was cited as the key pivot. Trader Crypto Tony said XRP must first reclaim $1.44 to extend further gains. XRP tested the level multiple times from below, but failed to notch a clear closing break on the hourly basis, he said.

Separately, 7 applications for spot XRP exchange-traded funds are now in the U.S. Securities and Exchange Commission's final review stage. The decision timing is expected in the second quarter of 2026. Early approval or an unexpected catalyst could neutralise the current bearish pattern, the outlet said.