Amidst the broader crypto market crash, XRP has damaged under an necessary help zone that a number of merchants have recognized as pivotal. In a chart shared by crypto analyst Josh Olszewicz throughout his newest YouTube replace, the token exhibits a pronounced break beneath the Ichimoku Cloud on the every day timeframe, with the value now positioned underneath the $2.00 deal with. This transfer additionally locations XRP under the neckline of a head and shoulders sample.
How Low Can XRP Worth Go?
Olszewicz describes the chart sample as a “head and shoulders variant mess—Frankenstein’s monster,” indicating that though the formation may not be a textbook head and shoulders, its total construction strongly resembles a basic bearish reversal. The left “shoulder” shaped across the $2.90 zone in early December 2024, the “head” close to the $3.41 peak, and the correct “shoulder” at roughly $3.00.
As value continues to float decrease, the whole violation of the neckline area under $2.00 underscores the potential for a significant draw back extension. In line with Olszewicz, XRP is now “under $2, under VPVR help, under the vary,” with a chance of dropping underneath $1.50 this week ought to bearish momentum intensify and sellers comply with the sample seen in quite a few different altcoins in latest weeks.
“It might not shock me in any respect if we see all the things puking and XRP is sub $1.50 this week. Wouldn’t shock me in any respect. It’s held up higher than most alts nevertheless it’s some level sellers will take over right here similar to they’ve taken over most alt charts,” Olszewicz stated.
The presence of key Fibonacci ranges on Olszewicz’s chart gives additional perspective on doable help and resistance factors. The 0.5 retracement, indicated round $2.60, is presently above the market and should act as a big barrier if XRP makes an attempt to reclaim floor.
In the meantime, the 1.618 extension hovers round $1.42, and the two.0 extension close to $1.16 may come into focus if momentum continues to favor the bears and the top and shoulder sample totally performs out.
Jesse Colombo, one other crypto analyst, has weighed in on X with an much more bearish perspective. Colombo means that the top and shoulders construction, if it performs out in full, would possibly “sink [XRP] all the best way again to $0.60 cents in a whole unwinding of its fall rally.”
Contrasting sharply with that outlook is the stance provided by CrediBULL Crypto, who additionally shared his views through X. Though he acknowledges the latest slip beneath help, he characterizes it as extra more likely to be a “deviation” or “false breakdown” under $1.80 than a real collapse in market construction.
He contends that XRP would possibly wick underneath $1.80 briefly, solely to get well its footing quickly afterward and resume a broader upward pattern. In his evaluation, a dip to sub-$1.80 wouldn’t essentially be an indication of inherent weak spot, so long as XRP can reclaim that stage comparatively rapidly and push past the quick resistance clusters.
“I’m not anticipating a breakdown under $1.80, I’m anticipating a deviation under it- aka a false breakdown or pretend out under it earlier than the following leg up. It might not be an indication of weak spot if we go to sub $1.80 principally,” he writes.
At press time, XRP traded at $1.76.
