XRP has formed a bearish head-and-shoulders (H&S) pattern on the daily chart, which if played out, could push XRP on a bearish drop towards $1.50.
Prominent crypto analysts are divided on whether XRP XRP $1.63 24h volatility: 4.0% Market cap: $99.40 B Vol. 24h: $6.24 B will soar past $3 or collapse below key support levels.
The battle between bulls and bears is heating up, and XRP’s next move could define its trajectory for the coming months.
Make It or Break It
Renowned analyst Ali Martinez has pointed out the formation of a head-and-shoulders (H&S) pattern on XRP’s daily chart. This is a classic bearish reversal pattern that suggests a potential downside move.
If the H&S pattern plays out, XRP could be in for a massive correction, considering the altcoin is already down around 5% in the past 24 hours.
The target price is measured using the height from the head to the neckline and projecting this height downward from the neckline, which comes out to be $1.50, a significant drop from the current price of $2.24.
However, veteran trader Peter Brandt sees a more pessimistic target of $1.07, reinforcing a bearish outlook if XRP decisively loses the $2 support.
Analysts warn that a failure to hold the $2 level could lead to a freefall towards $1.20-$1.07. Brandt explicitly mentioned that he wouldn’t want to own XRP below $1.90, indicating the high stakes involved.
Bullish Scenario: XRP to $15?
On the flip side, if XRP invalidates the H&S pattern by breaking above $3, it could trigger a sharp bullish move.
Martinez emphasized that surpassing $3 would flip the narrative, potentially fueling a rally toward previous cycle highs.
Crypto analyst CryptoELITES sees an even more explosive move, suggesting XRP could head toward $15. This bullish projection aligns with a cup-and-handle pattern forming on higher time frames.
Based on Fibonacci retracement levels, if XRP maintains momentum above $3.36, the next significant resistance levels would be $8.34 (1.272 Fib level) and $13.55 (1.414 Fib level).
XRP Price Analysis
According to CoinMarketCap data, XRP dipped to a daily low of $2.25 in the past 24 hours and failed to retain price action above the 20-day Exponential Moving Average (EMA) at $2.36. Now, this 20-day EMA presents a resistance for further upward movement of the altcoin.
The Relative Strength Index (RSI) seen on the chart above reads a value of 49.58 which suggests neutral momentum. However, the gradient of the line indicates a substantial surge in selling volume.
next