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Bullish
XRP Reports Head-and-Shoulders Breakdown: How Low?
XRP dropped below a key support zone during the crypto market fall, according to traders. Crypto expert Josh Olszewicz published a graphic on his recent YouTube update showing the token breaking below the Ichimoku Cloud on the daily period and falling below $2.00. XRP is also placed underneath the head-and-shoulders neckline.
How Low Can XRP Go?
Olszewicz calls the chart pattern a “head and shoulders variant mess—Frankenstein’s monster,” adding that it closely suggests a bearish reversal. The left “shoulder” developed about $2.90 in early December 2024, the “head” around $3.41, and the right “shoulder” around $3.00.
I wouldn't be surprised if everything pukes and XRP drops below $1.50 this week. Would not surprise me. It has held up better than other alts, but sellers will take control here as they have most alt charts, Olszewicz said.
Olszewicz's chart shows Fibonacci levels that may indicate support and resistance. The $2.60 0.5 retracement is above the market and may function as a barrier if XRP tries to recover.
If momentum favors bears and the head and shoulder pattern completes, the 1.618 extension around $1.42 and the 2.0 extension near $1.16 may emerge.
Another crypto researcher, Jesse Colombo, is more pessimistic on X. If complete, the head and shoulders structure may “sink [XRP] all the way back to $0.60 cents in a complete unwinding of its fall rally,” according to Colombo.
He believes XRP may quickly go below $1.80 before recovering and continuing its upward trajectory. To him, a drop to sub-$1.80 does not necessarily indicate weakness if XRP can swiftly retake that level and surge beyond the nearby resistance clusters.
Rather than a collapse below $1.80, I predict a false breakdown or fake out before the next leg up. He argues that visiting under $1.80 would not indicate weakness.
#xrp #Xrp🔥🔥 #XRPGoal $XRP
XRP dropped below a key support zone during the crypto market fall, according to traders. Crypto expert Josh Olszewicz published a graphic on his recent YouTube update showing the token breaking below the Ichimoku Cloud on the daily period and falling below $2.00. XRP is also placed underneath the head-and-shoulders neckline.
How Low Can XRP Go?
Olszewicz calls the chart pattern a “head and shoulders variant mess—Frankenstein’s monster,” adding that it closely suggests a bearish reversal. The left “shoulder” developed about $2.90 in early December 2024, the “head” around $3.41, and the right “shoulder” around $3.00.
I wouldn't be surprised if everything pukes and XRP drops below $1.50 this week. Would not surprise me. It has held up better than other alts, but sellers will take control here as they have most alt charts, Olszewicz said.
Olszewicz's chart shows Fibonacci levels that may indicate support and resistance. The $2.60 0.5 retracement is above the market and may function as a barrier if XRP tries to recover.
If momentum favors bears and the head and shoulder pattern completes, the 1.618 extension around $1.42 and the 2.0 extension near $1.16 may emerge.
Another crypto researcher, Jesse Colombo, is more pessimistic on X. If complete, the head and shoulders structure may “sink [XRP] all the way back to $0.60 cents in a complete unwinding of its fall rally,” according to Colombo.
He believes XRP may quickly go below $1.80 before recovering and continuing its upward trajectory. To him, a drop to sub-$1.80 does not necessarily indicate weakness if XRP can swiftly retake that level and surge beyond the nearby resistance clusters.
Rather than a collapse below $1.80, I predict a false breakdown or fake out before the next leg up. He argues that visiting under $1.80 would not indicate weakness.
#xrp #Xrp🔥🔥 #XRPGoal $XRP
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